Millennials are leading the pack when it comes to getting advice, diversifying their portfolios and going green, according to a new Legg Mason survey.
Contrary to stereotype, 60 per cent of millennials were found to use an adviser compared to 32 per cent of baby boomers.
Just under two-thirds of baby boomers were optimistic about investment opportunities as opposed to 81 per cent of millennials, and only 24 per cent of baby boomers felt they had expert/advanced investment knowledge as compared to over half (58 per cent) of millennials.
While cash allocations remain equal at 26 per cent amongst the generations, the younger generation chooses to allocate a smaller portion (20 per cent as opposed to 29 per cent) of their portfolio to equities.
Interestingly, while baby boomers could potentially benefit more from the diversification benefits of alternative assets, millennials allocate double the percentage of baby boomers (12 per cent as opposed to six per cent) to alternatives and precious metals.
Millennials also take a different approach to market volatility, with over half (54 per cent) of surveyed millennials citing that market volatility is positive if properly managed, as opposed to only 24 per cent of baby boomers.
Confidence in retirement savings is also on the rise for the younger generation as 76 per cent of millennials say they’re confident they’ll have enough money for a comfortable retirement.