Gen X and Y millionaires are more optimistic about the economy than they have been in several years and are actively investing to try to improve their status, according to the Fidelity Millionaire Outlook Study released today.

Using a scale of 100 for the most optimistic and -100 for the most pessimistic outlook, the study found that the financial outlook among those born between the early 1960s and the early 2000s (Gen X and Y) is the highest it has been since the study was begun in 2006.

Today’s Gen X and Y millionaires scored +51 on the Fidelity scale, far above the -7 reflected in the baby boomers and older generations. The positive sentiment is reflected in the younger generation’s lifestyle and their overall eagerness to leverage advice and do more with their money, Fidelity says. The survey included 542 people with at least $1 million in assets excluding workplace retirement accounts and real estate.

The study found that the younger generations are more actively investing and more engaged with their investment strategy. They average 30 trades a month and are more likely to be involved in complex investments such as foreign currency, international individual securities, venture capital and derivatives.

Seventy-one percent of Gen X and Y millionaires say they feel knowledgeable about investing, and 72 percent say they find investing enjoyable, which is nearly twice as many as the older investors who feel that way. At the same time, 73 percent of the younger generations say they have increased their involvement in investments since the financial crisis five years ago.

Gen X and Y millionaires own more vacation homes, boats and country club memberships and are more likely to take vacation in foreign countries and fly first class than their older counterparts. However, they are also more likely to volunteer or serve on the board of a charity (82 percent versus 49 percent for boomers and older). The younger generations average $54,000 in charitable donations each year.

In addition, Gen X and Y millionaires are more likely to want to pass along as much of their wealth as possible to heirs (68 percent) compared to boomers and older (52 percent).

According to the study, Gen X and Y millionaires are significantly more likely to work with financial advisors compared to their older counterparts (92 percent versus 68 percent), and they are turning to advisors for investing ideas above all other sources.

“Financial advisors should be prepared to deal with Gen X/Y clients who are knowledgeable and who like to be involved in their investments,” says Bob Oros, Fidelity spokesperson. “These new millionaires are collaborators, looking for a validator to partner with on their investments.”

Making a plan and sticking with it is important to all the millionaires surveyed, according to the survey, and 87 percent say they focus more on the long-term growth of their assets than the gains or losses they make in any one year.