What are they? Wealthy millennials are rejecting stocks for ‘alternative’ investments. Stocks appeal to older investors. Investors under 35 favor “alternatives.”
This is the main finding of a fresh study on wealthy Americans that Bank of America Private Bank released in June.
1,007 Americans with investable assets of at least $3 million were surveyed by the bank. Age-related differences were seen in the respondents’ rankings of the assets they thought had the “greatest opportunities for growth.
Individuals over 44 who are older in America favored equities above all else. Domestic stocks were their #1 investing choice. After real estate, “emerging market equities” and foreign stocks came in third and fourth place, respectively.
Six alternative investments were scored higher than equities by younger Americans, ages 21 to 43. In this context, “alternative” refers to anything other than standard investing staples, stocks and bonds.
The results imply that affluent Gen Zers and millennials have distinct financial interests from more established investors. A few young millionaires founded a business or developed an app to make their money.
Some were early adopters of cryptocurrencies, a move that greatly rewarded a select few, primarily young men.
- Property (31%).
- Digital/crypto assets (28%)
- Private capital (26%).
- Individual business or brand (24%)
- Investment directly into businesses (22%)
- Businesses prioritized positive impact (21%)
Get Wealthy using only stocks and bonds?
Regarding a basic investing question—can one become wealthy just through stocks and bonds?—the study also suggests that younger and older investors are broadly at odds.
“Where can I get above-average returns?” is the question posed by the study, according to Dustin Wolk, a wealth advisor at Crescent Grove Advisors in Milwaukee. The response from these people is, “I don’t think it’s in stocks and bonds anymore.”
Is it still feasible “to achieve above-average investment returns by investing solely in traditional stocks and bonds,” according to the survey’s question? 72% of older investors answered in the affirmative.
A similar proportion of younger investors declined. Additionally, younger investors are, at least in part, living up to their words.
According to the poll, older investors typically allocate only 5% of their portfolios to alternative assets. 17% of the assets held by younger investors are in alternatives.
Compared to only 28% of older investors, nearly all younger investors—93%—said they were inclined to devote more funds to alternative investments in the coming years.
Regarding the definition of a risky investment, older and younger investors likewise appear to have somewhat different opinions.
Born between 1981 and 1996, millennials experienced two stock market catastrophes during their formative years: the Great Recession of 2008 and 2009, as well as the dot-com boom of 2000.
Head of investor relations at Aspen Funds, a private investment business in Kansas City, Mike Sullivant, 36, stated, “I think the great financial crisis was really formational, particularly for this generation.” “Many of us were young professionals or in college when all of that occurred.”
According to the survey, some younger investors now perceive alternative assets, including cryptocurrency, as “strikingly risk-averse.” Stated differently, secure.
“Everyone knows someone who’s made money in cryptocurrency,” according to millennials. According to Craig J. Ferrantino, head of Craig James Financial Services in Melville, New York, “everyone knows someone who’s become a crypto millionaire.”
Financial advisors still view cryptocurrency and other alternative investments as fundamentally dangerous.
CFP in West Chester, Ohio Monica Dwyer stated, “I would tell someone who is investing in these investments that they are not safe investments.” “They shouldn’t invest more in cryptocurrency than they can afford to lose.”
Ads for alternative investments are frequently featured in social media posts, YouTube videos, and podcasts; a large number of these platforms target the millennial or Gen-Z demographic.
“There are channels available and people advising, ‘This is precisely how you can accomplish this,'” Sullivant remarked.
According to him, the entry barrier into alternative investments has decreased due to the rapid evolution of technology. Previously exclusive to multimillionaires, private equity funds are now available for as little as a $25,000 buy-in.
While cryptocurrency is completely perplexing to many baby boomers, tech-savvy millennials are familiar with it. An overview of cryptocurrencies and other alternative investments is provided here.
Digital currencies are known as cryptocurrencies. They typically aren’t backed by a bank, the government, or any “real” asset, unlike the cash in your wallet. The most well-known cryptocurrency, Bitcoin, made its debut in 2009.
A significant turnoff for people who are not familiar with bitcoin is that cryptocurrency investors, who tend to be young men, used to buy and sell the asset on cryptocurrency exchanges.
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