Millennial generation most fiscally cautious since Depression

Source: Los Angeles Times

  A new study finds that the millennial generation is the most financially conservative since the Great Depression. According to UBS Wealth Management Americas, these younger Americans are reluctant to take big financial risks due to the trauma of the global financial crisis in 2008. More than one-third of people aged 21 to 36 say they’re financially conservative and their actions speak even louder than their words. The average millennial has 52 percent of his or her portfolio in cash, more than twice the 23 percent of other investors. A mere 28 percent of millennials see the point of long-term investing, and only 12 percent would stash so-called found money in the stock market, according to the survey.

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