Millennials, also known as Generation Y, were born between 1981 and 1996, that is, they are currently between 23 and 38 years old.
A 2019 survey conducted by Old Mutual Retirement Savings & Investments Monitor showed that the financial priorities of millennials are in savings, investment in education and purchase of residential property. Every fifth person invests in stocks or mutual funds, and 65% of respondents have a life insurance or endowment policy.
“Millennials often use digital products and the latest technology to manage their savings,” says Pat Magadla, senior business development manager at Old Mutual Investment Group.
Magadla believes that millennials are more financially literate than is commonly believed.
Photos are from open sources.