Millennials were taught about saving during their childhoods, but not about investing, according to a new study by PNC Investments.
While almost two-thirds of millennials report that their parents encouraged them to save money while they were children, only half said their families were good role models for money management, and only 33 percent said their parents talked about growing wealth through investing, according to the study, "Millennials & Investing Survey."
About half of the 501 millennials surveyed said they expect to retire with financial stability, but 66 percent admit they do not have a solid understanding of how to successfully invest their money, the survey showed.
Millennials, those born between the early 1980s to 2000, now are the largest part of the workforce, but only 33 percent say they feel they are saving enough for their futures.
Of the millennials surveyed, 79 percent between the ages of 25 and 29 said their parents talked to them about managing finances, while 70 percent of millennials between the ages of 30 and 35 reported the same.
PNC Investments said it is troubling that more than half of millennials admit they do not have an emergency fund.
“It’s no secret that our attitudes toward money are likely influenced by how much financial education we received as children and the types of role models we have in our immediate family,” said Rich Ramassini, senior vice president and director of strategy and sales performance for PNC Investments. “However, this survey finds that millennials’ financial education largely skewed toward savings instead of investing. When it comes to building wealth over the long term, investing is a critical component of a portfolio and one that should not be ignored.”