Investment brokers all over the world are trying to reach the Millennial generation. As always, traditional investment options like mutual funds and ETFs are there, if you know what to look for. But most people don’t. It shouldn’t be a surprise. Investment isn’t taught in most schools, and most people don’t learn it from their parents. Combine this with a general lack of good investment theory floating around in the media, as well as paranoia about most markets resulting from recent stock plunges, and you’ve got a generation that is disinclined to invest.
The majority of millennials who believe they will never accumulate $1 is more than two-thirds, according to a Wells Fargo survey. Because this number includes even those who are saving cash for retirement, it’s likely that the number is even lower than that. Still, there are important improvements being made to this reality, and it’s mostly coming as a result of startups that are learning to repackage the investment process.
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It’s all about convenience. Betterment is an example of a service that makes investing easier than the DIY approach offered by Vanguard. Sure you have to pay a little bit of the money you earn in dividends. But the “set it and forget it” model is proving worth the additional cost for hundreds of thousands of millennials who have found their first investment home with the company. It’s an attractive, intuitive interface, with an investment approach that can be set up in minutes. It just makes sense.
The same is true for companies like Tickmill, which provides Forex and commodities trading to thousands of users every day. Tickmill has an intuitive and attractive interface, as well as educational resources to make new users feel comfortable. The typical Forex broker’s site is a mountain of text, spouting industry jargon and poor design choices left and right. It’s not the sort of place which is going to yield a mainstream approach to investing. Tickmill provides an opportunity that looks credible and makes it easy and fun to learn a novel system of investment.
In investment spheres, there can be multiple winners at the brokerage game. This may prove true for both Betterment and Tickmill. As investment continues to evolve, expect to see great design and intuitive construction among the world’s most successful new brokers. For Forex and retirement investment, it’s already proving to be the case.