Millennials and Gen Z are more financially savvy than their parents, says Global Prime

A study of 1,005 Australians commissioned by the online trader and conducted by research agency The Digital Edge found that 32% of millennials are better educated when it comes to finance.

Over half (52%) of the so-called ‘generation of spenders’ are more interested in trading and investing compared to previous generations. 

“It’s encouraging to see so many Millennials and Gen Z taking an interest in investing and trading, and focusing on their long-term financial future,” says Global Prime’s director and co-founder Jeremy Kinstlinger.

Last year, a report by Commonwealth Bank also found similar results highlighting that the amount of millennials in the share trading space keeps growing.

Global Prime’s study also found that one of the driving factors for millennials to be more financially savvy and enter the world of share trading is due to the rising costs of living and housing unaffordability. 

If you’re interested in share trading, below are some tips that might be worth reading.

Expert tips to know before entering the world of trading

Global Prime’s co-founder Kinstlinger and his business partner Elan Bension shared some tips to keep in mind when looking to start trading and investing:

• Be realistic about returns on capital
  
• Remember to understand risk management
  
• Ask your broker for trading receipts to make sure they aren’t profiting from your losses
  
• Be sure not to make impulsive trading or investing decisions
  
• Have a set plan and strategy in place to you can stay on track
  
• If possible, find a mentor to help you strategise your trading or investing plan.

Before you get started in your trading journey, be sure to do some reading on some of the best share trading platforms in Australia as named in our Mozo Experts Choice Awards. Or if you’re interested in comparing share trading accounts, check out our share trading account comparison table below.