Our interviews with millennial investors have shown that the majority of them only invest when prompted by their own parents. Their busy lives don't lend much to long-term planning which involves setting aside time for self-education and thoughtful development of their financial goals.
Alexandra Cain's article in the AFR puts this down nicely:
"Molnar says millennials have disregarded many traditional investing principles, such as buying and holding investments for the long-term. As a result we typically see a very short-term focus, even though they have a very long-term investment window" he says.
This expectation of instant gratification can be to the detriment of their investment goals. Says Molnar: "Achieving a balance between short, medium and long-term investing is a challenge."
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