Millennials, for the most part, are not investing in stocks. It may even be safe to say that the majority of Gen Y have an open disdain for Wall Street. So as these young professionals begin to come into their own and need a safe haven for their money that guarantees a significant return, one question that bears answering is: Where are Millennials stockading their money?
In a survey conducted annually over the last several years by Harvard University’s Institute of Politics, only 14% of respondents trust Wall Street to “do the right thing.” Given this statistic, it is safe to assume after watching their parents and grandparents lose a devastating amount of money in the recession during the early 2000’s, many young adults do not wish to invest their hard earned cash into an institution which seemingly provides insecurity. One alternative, but still traditional, way Millennials are choosing to invest is in gold.
Gold, as it turns out, is the second most popular form of investing for Gen Y, behind real estate. It seems having physical, tangible assets is the driving force behind the generations’ logic as well.
Globally, gold is the top precious metal and has proven to retain and increase in value long term (though prices will fluctuate), can be used for bartering in a failed economy, and is universally accepted.
The long term effect Millennials will have on the gold market is still up in the air. A considerable amount of the generation is continuing to face a job and housing crisis in a less than welcoming market after completing college. Those that do get out of a 4-year institution debt free, often struggle to find jobs to adequately fund an independent lifestyle, let alone a gold investment. However, this is not deterring Millenials from believing gold is the second best form of investing.
In the years to come, it will be interesting to see what role young Seattleites will play in the gold market.
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