Gen Y Cocky but Clueless about Finances, Studies Say
As Bertrand Russell famously put it: “the stupid are cocksure and the intelligent are full of doubt.” Could the British philosopher’s quote be an accurate description of the generations’ attitudes towards their finances? Two recent studies suggest so, finding that twenty somethings are both more likely to manage their own investments and more likely to be clueless about basic concepts such as diversification and inflation. Great combo, that. First a recent, nationwide survey of over 1,000 people from Scotttrade, “shows that young investors (born 1983-1991, ages 18-26) are the most likely to manage their own investments and to describe investing as ‘fun and interesting.’” 24 percent of Gen Yers reported that they manage their own finances, compared to 12 percent…
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