Millennials might have aced selfies, but they are not a narcissistic generation. In fact, most millennials are socially and environmentally conscious, and they put their money where their morals are.
More than any other generation, they support causes they believe in and care about the global community, environment and social justice more so than they do about money. This is reflected in the brands and companies they use and where they place their investments. Bottom line, they care about having a positive impact on the world.
Millennials are willing to sacrifice financial gains by paying more for products, accepting a lower salary and securing lower profits, all to have a positive effect on society. Nine in 10 would even switch brands if necessary to another associated with a good cause. This is a generation that wants companies to be honest and share what good they are doing in the world and when they do, it will be rewarded.
Investing in the Environment
When millennials invest, socially responsible investing is not just an addition to their investment portfolio but a primary focus. A recent survey showed how a full 92 percent high-net-worth millennials are most likely to put their whole allocation into responsible investment options over anything else. It is clear that millennials have a different perspective and care more about their impact than the previous generations.
Millennials have openly declared that climate change is their biggest global concern, and many are even changing their lifestyle to protect the environment and reduce their collective carbon footprint. They are keen on smart-energy technologies and clean energy, and are willing to invest into this market more than other any other demographic.
With this growing concern, it has become more popular to find environmentally mindful stocks to place their investments in. Investing in solar energy is one example of responsible investing that can form part of their portfolio. Solar energy is known to mitigate climate change, and with increasing global awareness of climate change, it is a sector primed to see a sharp growth, making it ideal for investors today.
Globally Aware and Digitally Savvy
Investing has never been easier. Technology is developing at such a rapid pace to meet the needs of millennials and other investors alike, making investing more accessible than ever through our computers, tablets and smartphones.
With the increase of digital platforms and different apps that assist with investment or personal finances, it has become simple for young people today to both learn about the financial industry and to apply their knowledge out in the real market. There are now plenty of investment apps and technology that make the whole process much less daunting. Having these tools at hand has made investors so much more empowered than previously.
Since we will be witnessing a private wealth transfer worth $30 trillion passing to the millennial generation in the coming decades, it may be crucial for them to begin to stock up on knowledge and to become investment savvy early on.
With millennials making up the top entrepreneurs of today, companies worldwide are being pushed to adopt fairness and global consciousness in their decision making. As a result we can predict that this wealth (and the future of this world) will be in good hands.