Millennials report being much more comfortable managing money online (43 per cent) compared to Gen X (27 per cent) and Boomers (22 per cent), according to the latest ATB Investor Beat survey.
However, despite their higher comfort level, only one in four millennial investors say they are “familiar with their investment risks and understand the types of investments they have,” said ATB in an announcement issued Oct. 26.
Accessibility is appealing
"Online investing isn't new, but the fast pace at which it's evolving to make managing your money easy, informative, and accessible is particularly appealing to the millennial generation," says Chris Turchansky, president of ATB Investor Services.
Millennials are more likely to do online research than their older counterparts, such as researching investment products, approaches, and firms. "It is important that as an industry we make investing smart, simple and helpful to help investors reach their goals, which includes educating investors," says Turchansky.
Working with advisors
Despite this trend, the survey showed that a third of millennial investors don't invest online exclusively. They engage the help of an advisor as well.
Regardless of age, the primary reasons for investing online were: lower fees (55 per cent), scheduling ease (45 per cent), and ease of set up (26 per cent).