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7 Myths About Millennials and Investing, Busted

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(Related: 7 Differences Between Roth and Traditional IRA Investors)

The FINRA Investor Education Foundation and the CFA Institute have just released a new study that should probably be required reading for any advisor wanting to attract millennial clients.

The study, Uncertain Futures: 7 Myths about Millennials and Investing, dispels many popular beliefs about how millennials view financial advisors, robo-advisors and the financial industry in general as well as their purported financial and life goals and investment behaviors. Along with the smackdown are its implications for advisors who want to appeal to potential millennial clients, which we’re calling “recommendations.”

The study, conducted by Zeldis Research, is based on responses from 1,814 millennials who were part of an online panel of individuals convened by Research Now, which also surveyed roughly 500 Gen Xers and 500 baby boomers.

It dismisses popular myths about millennials, which often focus on how they differ from baby boomers and Gen Xers when it comes to their financial goals and attitudes toward investing and financial advice. Millennials are often not that different from older generations and, like all generations, there are myriad differences among them, including their approaches to investments and advice.

Check out the gallery above to see seven popular myths and how advisors can work better with millennials.

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