Young Australians are increasingly indicating a preference for investing in global and domestic equities as a vehicle for wealth creation, says new Nabtrade research.
In the 12 months to 31 July 2017, the number of Generation Z and Generation Y investors has increased 68 per cent and 16 per cent, respectively, representing the largest cohort from either of these generations ever recorded by the company.
Nabtrade director of SMSF and investor behavior Gemma Dale said “a combination of factors” was driving the increase in the number of young people choosing to invest, including improved accessibility to the market, access to better quality research and lower price points for investing.
“We also believe parents are encouraging their kids to make good financial decisions from a younger age,” Ms Dale said.
“And, for the first time, younger investors are getting targeted service from financial institutions which understand that a growing number of Millennials want to build wealth outside of property and super.”
The data also showed increases in the number of Baby Boomer and Generation X investors of 5 and 7 per cent, respectively, indicating that share markets “remained a popular spot” for older investors as well.
Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now.
Despite unemployment falling to pre-pandemic levels, the central bank still thinks it’s too early to count its chickens on the success of ...