Financial planners say younger investors can afford to assume more investment risk than older investors can, but young people may be more afraid of investment risk.
Managers of themint.org, Milwaukee, a financial education Web site, have published figures supporting that finding in a summary of results from a survey of 2,200 consumers who visited the site.
Themint.org is backed by the Northwestern Mutual Foundation, an affiliate of Northwestern Mutual Life Insurance Company, Milwaukee, and the National Council on Economic Education, New York.
When the site asked visitors what they would do if handed $1,000 and told to invest it wisely, only 42% of visitors ages 30 to 39 said they would put in the money in a savings account, and 48% said they would invest the money in the stock market.
About 53% of the visitors ages 18 to 29 said they would put the money in a savings account, and 63% of the visitors ages 17 and younger said they would put the money in a savings account.