Invest
Millennials are opening share trading accounts at an ‘unprecedented’ rate
Invest
Millennials are opening share trading accounts at an ‘unprecedented’ rate
More than two in five Australian millennials are now investing rather than spending.
Millennials are opening share trading accounts at an ‘unprecedented’ rate
More than two in five Australian millennials are now investing rather than spending.
Hundreds of thousands of millennials have opened up share trading accounts since the start of last year, and 43 per cent are turning to investing to create wealth and become financially independent.
CommSec has revealed that millennials accounted for 63 per cent of the more than one million new accounts opened through its platform since February 2020.
Prior to the pandemic, millennials were making up 52 per cent of account openings.
“We are seeing a behavioural shift from this younger demographic of investors,” said CommSec executive general manager Richard Burns.
“Seventy-one per cent are using CommSec’s leading mobile platforms for trading and there is strong demand for global exposure with Exchange Traded Funds (ETFs) and international equities proving to be a popular starting point for investment.”
Since launching in 2019, the CommSec Pocket app has received almost $1 billion in investments from 300,000 account holders, 80 per cent of whom are aged under 40.
More female investors have turned to the app since the start of the pandemic, with the proportion of new accounts opened by females rising from 31 to 44 per cent.
Despite the strong growth for share trading, research from the Commonwealth Bank has found that property leads the stock market as the investment of choice for millennials, 45 per cent to 38 per cent.
According to CBA’s survey, 86 per cent of millennials expressed a desire to have more open discussions about investing their money, including 50 per cent who want to talk more about the stock market, 45 per cent about investment and 43 per cent about superannuation.
Twenty-six per cent of millennials said they have been adding more to their super, but only 16 per cent frequently review their super compared to 38 per cent who check it occasionally.
Separate research from Mastercard and CBA released earlier this week found that Australians had saved significantly throughout the pandemic and were now preparing to spend more, with many millennials putting off buying essential items to be able to afford a bigger purchase.
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