Goldman Sachs Group Inc (GS) Poll Shows Millennials Don’t Trust Stock Markets
A poll carried out by Goldman Sachs Group Inc (NYSE:GS) indicates that millennials no longer trust the stock market. The revelations paint a completely different picture. Millennials were expected to play an important role in the financial sector, in the coming years. The poll focused on issues ranging from home ownership, payment preference, and privacy.
Goldman Sachs Group Inc (NYSE:GS) polled 752 people and found out that 20% of the millennials did not understand how the stock market operates. Fears of volatility was a point of concern for some of them with 16% arguing that the market is not fair. Most of the potential young investors have the notion that the stock market is not for small investors.
However, the poll found out that 18% of the millennials trust the stock market, seen as a reliable way of saving for the future. Some of the young investors who trust the stock market have enjoyed a bull market that started in 2009. Most of these investors have seen their fortunes more than triple over the past five years.
Resentment towards Financial Advice
Goldman Sachs Group Inc (NYSE:GS) also tried to find out how open the young folks are to financial advice. The fact that 43% of the respondents said they would not spend more than an hour on getting advice from a professional should raise eyebrows. Especially on how prepared most of them will be, when, trying to invest in the stock market going forward.
A key concern is that 13% of the respondents felt there was no need to seek any advice at all. The study also found out that most of the young folks trusted their parents to handle their money instead of them taking the lead and being the chief custodian.
Almost half of the millennials agree to first paying down debt in the event they came across a sizeable amount of cash. The baby boomer generation has come of age and according to data compiled by Citigroup they are the largest population group, expected to have a big impact on the financial market.
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