Ten years after the financial crisis hit, it is still having a major psychological impact on investors, even those too young to have lost money in the crash. According to a new survey from Legg Mason Global Asset Management, millennial investors in the United States report that the financial crisis and subsequent recession strongly influence their investment decisions, leaving them more risk-averse than any other age group.
The survey finds that 82 percent of the surveyed millennials said their investment decisions are influenced by the financial crisis, with 57 percent saying they are “strongly influenced.” By comparison, 39 percent of Gen X, 13 percent of baby boomers, and 14 percent over age 65 said their investment decisions are still “strongly influenced” by the global financial meltdown.
A similar number of millennial investors said they are conservative investors (85 percent), with 52 percent calling themselves “very conservative.” Only 30 percent of Gen X, 29 percent of baby boomers, and 28 percent over age 65 consider themselves “very conservative.”
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