When it comes to money, millennials are less than confident about the markets.
According to Wells Fargo, 20 percent of young people said they will “never” be invested in the markets and 53 percent said they will “never be comfortable investing in the markets.” The findings come from a June survey the bank conducted of more than 1,750 people ages 20 to 36.
“I think that lack of confidence is something that we really need to find a way to work through with them. If they continue at this rate, they will never have enough savings for retirement. Ever,” Kristi Mitchem, Wells Fargo Asset Management CEO, told CNBC recently about the survey.
With average student debt now $34,144, up 62 percent over the last 10 years, it’s not hard to understand that millennials aren’t feeling great about their finances. The majority, 70 percent, also said the Great Recession made them skeptical of stock market experts.
For the sake of their future happiness, it may be time to get over these anxieties.