Millennials in need of financial guidance

par Andrew Rickard | December 14 2015 09:50AM

Most members of the Millennial generation say they don't know enough about investing.

A survey conducted for CIBC reveals that 67% of those between the ages of 18 and 34 have investments of some kind but 82% admit that they lack sufficient financial knowledge.

Of those who do hold investments, the poll showed that 41% don't earn the rate of return they expect, 28% find it hard to develop a long-term investment strategy, and 21% say they find it difficult to time the market.

The poll also found that young women are particularly hesitant when it comes to investing, with 58% saying they lack confidence compared to only 36% of the male respondents. Women were less likely to invest at all, with only 61% of holding investments, compared to 73% of men.

"While it's good to see that so many Millennials recognize the importance of investing to build their net worth over time, our poll clearly shows they need help," comments Sarah Widmeyer, managing director and head of wealth advisory services at CIBC. "Their lack of knowledge is making them vulnerable to many common investing mistakes."

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