Missing Out: OSC Research Finds Many Millennials Saving, but not Investing
(6 months ago)
TORONTO: A new research study released today by the Ontario Securities Commission (OSC) found that 4 in 5 Ontario millennials (age 18-36) are saving, but only 1 in 2 are investing.
According to Missing Out: Millennials and the Markets, top reasons non-investor millennials gave for avoiding investing included having other financial priorities (68 per cent), not having enough income (66 per cent) or savings (66 per cent), not knowing enough about investing (59 per cent), and concerns about losing money in the markets (57 per cent).
"Like all Ontarians, millennials need to make sure they aren't missing out on the benefits of planning ahead to save for their retirement," said Tyler Fleming, Director of the Investor Office. "Making a habit of investing, especially early, is important for ensuring they are better prepared financially for the future."
The study also found that many Ontario millennials are focused on entering the housing market, with 1 in 3 already homeowners. Over half of non-homeowners placed owning a home in their top three financial priorities.
In response to the report, the OSC will be conducting more targeted research on harnessing behavioural insights to encourage more millennials to start investing. This research project is expected to begin by Spring 2018.
The OSC Investor Office will be continuing the conversation with younger Ontarians and market participants on the themes raised Missing Out over Twitter. Join the conversation with the hashtag #MillennialsMissingOut.