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Markets may be volatile, but millennials’ investing goals are steadier than ever

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The infographic shows millennials’ attitudes and behaviors around saving for retirement, investing, personal finance, and financial advice. We surveyed 885 millennials aged 24-39 who make at least $50,000 per year. Here’s what we learned: 6 in 10 millennials want to retire before age 65, and 63{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} define success in retirement as being able to do what they want. 39{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} want to start a new career, and 35{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} plan to start their own business in retirement. With COVID-19, millennials report feeling cautious (46{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca}), fearful (28{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca}), and skeptical (27{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca}) about investing. Nevertheless, 74{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} are interested in learning more about investing. Despite their concern about jobs and the economy, only 1 in 10 millennials have delayed or canceled contributing to their retirement account because of COVID-19. 46{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} said that COVID-19 has increased their interest in financial advice—more than any other generation. 51{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} are more likely to consider using a robo-advisor, compared to 36{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} of Gen-Xers and 24{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} of young boomers.

If you’re ready to take that step into the future and use an online tool to help plan your retirement, Vanguard Digital Advisor™ is here. As millennials would say, that’s some next-level adulting.


Notes:
Source: Vanguard study, 2020
All investing is subject to risk, including the possible loss of the money you invest.

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