The challenge of buying a first residence is pushing more people such as Helena Osborne towards investing in financial assets.
Helena Osborne, 28, invests in exchange-traded funds and bonds and has a rapidly growing share portfolio in Australian and international markets. She represents the growing cohort of Millennials who are increasingly investing their money as the dream of paying for a home deposit from a savings account slowly dwindles away.
According to the data, on average, Millennials had $24,500 ready for investment and Gen Xers had $31,700. The survey found these generations also had a strong interest in investing, especially among those with higher incomes. Baby Boomers, on the other hand, had $12,500 ready to invest, the survey said.Millennials are also changing the way they use money. A Commonwealth Bank survey from 2021 found 43 per cent of Millennials were investing their money instead of spending.
BetaShares recently announced zero brokerage fees on its ASX300 investing platform, a move Vynokur said was focused on helping customers harbour long-term wealth creation. Vynokur said Millennials tended to be more open to taking investment risks, including taking a liking to cryptocurrencies.Four in 10 Millennials in Australia own cryptocurrencies, according to cryptocurrency exchange platform Swyftx data from 2023. The survey also found that more than 20 per cent of Gen Zs owned cryptocurrency.
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