Research released Nov. 27 by the Ontario Securities Commission (OSC) found that while four in five Ontario millennials (age 18-36) are saving, only half are investing.
The new report, Missing Out: Millennials and the Markets, outlines the top reasons non-investor millennials gave for avoiding investing. They include: having other financial priorities (68 per cent); not having enough income or savings (66 per cent); not knowing enough about investing (59 per cent); and concerns about losing money in the markets (57 per cent).
Make a habit of investing
"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 one in three already homeowners. More than half of non-homeowners surveyed placed home ownership among their top three financial priorities.
More research coming
In response to the report, the OSC will be conducting more targeted research on harnessing behavioral insights to encourage more millennials to start investing.