NEW YORK--(BUSINESS WIRE)--A new survey commissioned by Stash, the fast-growing investment app for millennials, found that millennial women not only find investing confusing (76 percent), but unrelatable: 60 percent equate a typical investor to an old, white man.
The survey, conducted online in March 2016 by Harris Poll, also revealed that nearly 4 in 5 millennials (79 percent) are not currently investing in the stock market, and only 13 percent say the reason is because they are still paying off student debt.
Other key takeaways from the survey include:
- Money is still a top barrier to investing. Not only do 41 percent of millennials feel they don’t have enough money to invest in the stock market at this time, they believe it takes a lot to start. 70 percent of millennials think they need at least $100 to start investing in the stock market, while 38 percent think they need at least $1,000.
- Robo-why? While there are many robo-advisors on the market, their algorithm-based trading may be a turn-off to millennials -- 67 percent of millennials say if they were to invest in the stock market, it would be very important for them to decide which companies or funds to invest their money in.
- Millennials trust tech over ties. If they had to choose between a traditional investment firm or a payment app, over one-third of millennials (37 percent) say they would trust a payment app more with their money.
“While technology has transformed the way people can invest in the stock market, it’s crystal clear millennials still desperately need, and want, education around how to start investing,” said David Ronick, CEO of Stash. “That’s exactly what we’re doing at Stash -- providing guidance and advice to help millennials choose where to invest their money, and giving them the opportunity to start small and learn as they go. We’re committed to breaking down the barriers to investing once and for all.”
Stash is the fast-growing investment app for millennials. Stash helps you learn to make your own smart saving and investment choices, by offering advice and guidance to help you choose investments that align with your interests, beliefs and financial goals. Investments are based on easy-to-understand themes like "Clean & Green" or "Equality Works." And you can start investing with as little as $5, so you can start small and learn as you go. Based in New York City, Stash was started in February 2015 by serial entrepreneur David Ronick and Wall Street veterans Brandon Krieg and Ed Robinson. Stash is a Registered Investment Advisor. For more information, visit StashInvest.com.
This survey was conducted online within the United States by Harris Poll on behalf of Stash from March 15-17, 2016 among 2,093 U.S. adults ages 18 and older, among whom 489 were Millennials (ages 18-34). This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact firstname.lastname@example.org.