By: Christine Dugas
April 28, 2013
This year the Dow finally broke through the 14,000 barrier for the first time since October 2008, but no thanks to the risk-averse millennials.
The millennial generation, which ranges in age from 18 to 34, has been raised during the stock market crash and the Great Recession. No wonder two-thirds of them save the cash left over from their paychecks and 18percent of them pay off debt, according to a study by market research firm Lab42.
Most of their debt is from credit cards and student loans. Although they are considered responsible, it’s unclear how well they will manage debt as they take on mortgages and other major loans, said Gauri Sharma, chief executive officer of Lab42.
And it’s unclear how well they will invest for their future. Now 43percent of them describe themselves as conservative investors, according to a study released in February by management consulting firm Accenture.