Goldman Sachs has released the latest in a long line of surveys about millennials and money. The findings won’t shock you if you’ve seen other such surveys: millennials get financial advice from their parents, they’re less concerned with privacy, they still want to own a home … someday.
But one familiar finding may be worth highlighting. Even as the stock market reaches record highs, millennials by and large remain wary of investing. Fewer than 20 percent of those surveyed by Goldman said that stocks are “the best way to save for the future.” Another 45 percent said they’re willing to dip a toe in the market or to put money into low-risk options. More than a third of those surveyed said they don’t know enough about stocks or felt that the market is too volatile or too stacked against small investors.
Part of that may because many millennials haven’t yet reached the life stage or the level of financial stability that would lead them to consider investing. But the lingering scars of the recession are evident in the results, too — and financial institutions clearly have a long way go to restore the public’s confidence in them. For example, Gallup just published a report called, “Why It’s Still Cool to Hate Banks.”
Goldman didn’t release the details about how many millennials it surveyed or when (and it hadn’t yet responded to an email asking for those details by the time of publication), but the results it got are broadly in line with those of earlier surveys. And they’re another reminder that not everyone is benefitting from the stock market’s record-setting rally. Millennials are still missing out.
Here is a chart produced by Goldman Sachs summarizing the results of their survey:
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The new tax law capped the amount of state and local tax deductions Americans can claim in their federal filings at $10,000. Congressional seats for nine of the top 25 districts where residents claim those SALT deductions were held by Republicans heading into Election Day. Six of the nine flipped to the Democrats in last week’s midterms.
Ten companies, including nine pharmaceutical giants, accounted for half of the health care industry's $50 billion in worldwide profits in the third quarter of 2018, according to an analysis by Axios’s Bob Herman. Drug companies generated 23 percent of the industry’s $636 billion in revenue — and 63 percent of the total profits. “Americans spend a lot more money on hospital and physician care than prescription drugs, but pharmaceutical companies pocket a lot more than other parts of the industry,” Herman writes.
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