While other studies have suggested that young American women are more engaged with investing and financial planning than ever before, a new survey commissioned by Stash, a New York-based RIA and mobile application provider, reports that Wall Street has a long way to go with millennials.
In fact, 60 percent of the women polled in Stash’s survey equate a typical investor to an old, white man.
According to the survey, millennial women, defined as those between the ages of 18 and 34, don’t understand investing. More than three-quarters of the women surveyed, 76 percent, found investing confusing.
Millennials in general are not investing in equities, according to Stash. Seventy-nine percent of the survey’s respondents said they are not currently investing in the stock market, and only 13 percent said the reason is that they are still paying off their student debt.
Instead, 41 percent of the survey’s millennial respondents said that they didn’t feel like they had enough money to invest in stocks: 70 percent of the millennials thought they needed at least $100 to start investing, while 38 percent thought they needed at least $1,000.
When they do strike up the courage to invest in stocks, millennials want to make their own choices -- 67 percent of the respondents said they wanted to choose their own stocks or funds.
The survey was conducted from March 15 to 17 by Harris Poll; the respondents were 2,093 adults, among whom 489 were millennials.