http://www.asx.com.au/education/2017-asx-investor-study.htm
Contrary to the stereotype that millennials imprudently spend all their money on expensive smashed avocado breakfasts, the ASX has revealed the number of millennial investors in Australia has almost doubled over the last 5 years.
Young investors (18-24yo) now make up 20% of Australian investors (up from 10% in 2012), with the proportion of Gen Y investors (25-34yo) increasing from 24% to 39% of individuals investing over the same period.
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To 30-Jun, the S&P/ASX 200 Accumulation Index recorded a 1 Year Total Return of 14.09% and a 5 Year Total Return 11.81%pa and the word seems to be spreading amongst the millennials that the stockmarket is the place to generate the wealth needed for their house deposits.
Either the Instagram/Kik generation is a lot smarter than we think, or we’re in a distribution phase where stocks are being transferred from strong hands to weak hands prior to a major downturn.
Given the parlous state of the economy and various markets, the latter seems the more probable.
Watch the tabloid news media for stories of young investors making their fortunes on the stockmarket and remember Joseph Kennedy’s quote, "You know it's time to sell when shoeshine boys give you stock tips. The bull market is over."
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