Millennial Investors Reveal Low Financial Confidence Levels

Millennial investors are not lacking ambition, but experts suggest they are lacking confidence. Investment boutique Parnassus Investments LLC’s latest survey of Millennials found respondents were highly motivated to build wealth, retire early and make a positive impact, yet unsure how to translate those intentions into a coherent investment strategy.

Surveyed Millennials showed a striking lack of self-assurance with finances, as many reported investing largely on their own. Two-thirds said they were self-taught investors, while just 36% said they worked with a financial adviser. This cohort reported feeling informed enough to participate, but not confident enough to feel secure in their decisions, especially in the face of economic uncertainty, market volatility and concerns about fees.

At the same time, the data indicated values are central to how Millennials think about money. About 84% of respondents said it was important that investments align with their values, and 53% said it was difficult to do in practice.

That tension reflected broader priorities: 87% wanted to help make a difference in the world, 86% said environmental and social issues played an important role in their daily lives, and 84% wanted more money to support the causes they care about. Yet when it came to portfolios, many found the path forward unclear.

The combination of high intent with low clarity has led many Millennials to take a measured approach to risks and decisionmaking. Only 14% of respondents identified as high-risk investors, while 59% described themselves as moderate, and 27% said they were conservative. As for goals, 63% of respondents aimed to grow their wealth, 51% were focused on saving for retirement, and 50% prioritized building emergency savings.

Respondents’ biggest concerns included economic uncertainty (44%), market volatility or fear of losses (40%), high fees (37%), not knowing where to start (31%) and having too many investment options (27%).

“Millennials are at an important stage in life, particularly when it comes to investing, because they have the benefit of time on their side,” said Joe Sinha, the Parnassus chief marketing officer, in a statement. “They live with intention and they want their investments to reflect that by building financial security while staying mindful of the world around them.”

On behalf of Parnassus, Logit Group conducted an online survey of 500 U.S. Millennial respondents from October 12 through 18, 2025.