Gen Y is Taking Action

Fifty-six percent of those surveyed would love a chance to go back in time, before the recession, so they could change their financial behaviors.

A new poll by TD Ameritrade Holding Corporation said it was Gen Y in particular that seemed to learn the most from the recession and are the most likely to be taking action, the news release said. According to the announcement:

  • Forty-one percent (41%) of Gen Y investors are monitoring the markets and their portfolios more frequently following the recession, compared with 30% of Gen X investors.
  • Thirty-four percent (34%) of Gen Y investors have put new money in the stock market, compared with 14% of Gen X investors and 15% of Boomer investors.

“These findings are particularly interesting because Gen Y is often considered somewhat entitled by the masses, especially when it comes to financial matters,” said Nicole Sherrod, managing director, TD Ameritrade, in the news release. “This survey shows their capacity to learn from the mistakes of previous generations and to react and plan accordingly. It’s a very positive sign for the future of our country.”

While many (42%) of these children of Baby Boomers say their parents’ generation was better off, they aren’t letting it hold them back. Many Gen Y investors have already made progress when it comes to saving for longer-term financial goals:

  • Sixty-one percent (61%) are on or ahead of schedule with retirement savings
  • Forty-nine percent (49%) are on or ahead of schedule with education savings
  • Sixty-seven percent (67%) are on or ahead of schedule with building an emergency fund