The Technology And Social Trends

829 Words4 Pages
When it comes to investing, millennials have a different approach than their parents. Young investors, who have been through two market crashes, have developed skepticism and mistrust towards banks and traditional advisory services. Many millennials prefer to save and forgo investing all together. For those willing to test the market, technology and social trends play a significant impact on their decision making. With millennials now outnumbering baby boomers in the U.S., many traditional financial services strive to connect with the younger generation. This comes on the heels of a noticeable upward trend in financial technology and online wealth management. Through the use of technology, robo-advisors have built a successful foundation for attracting young investors.
Given their love of technology, it comes as no surprise that millennials are gravitating towards financial technology. Young investors are accustomed to using technology for every aspect of their lives and investing is no different. Their relationship with technology makes digital asset management more appealing. Young adults are more inclined to make choices via a smartphone over in person interactions. Not only do millennials prefer accessible apps and web based platforms, but automation has played a major factor in the success of robo-advisors. Millennials are accustomed to subscribing to all their services electronically. To them, investing is another service that should be automated. Compared
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