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

By Maria Gil · · 2 min read
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woman in a mustard sweater thinking about share trading

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.

Share account comparisons on Mozo

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.
Last updated 24 November 2024Important disclosures
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    Share Investing

    Standard

    Small trade brokerage
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    $0.00
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    CMC Markets Invest makes it easy to trade with a handy web and mobile platform, competitive pricing and thousands of securities. Buy Australian and US shares from $0 brokerage (T&Cs apply - see website for full details).

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    Share Trading

    Small trade brokerage
    Monthly fee
    $3.00
    $0.00

    Trade more than 22,000 shares, ETFs and options across the Australian, US and Hong Kong markets on the moomoo Australia platform. And only pay from A$3 for local CHESS-sponsored trades and US$0.99 for all US trades. Other fees apply. Earn up to 6.8% p.a. introductory rate for 30 days, applicable to up to AU$80,000 on uninvested cash, and get 10 free stocks with eligible deposits (T&Cs apply)

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  • Share Trading

    Small trade brokerage
    Monthly fee
    $7.70
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    Buy and sell with a low $7.70 flat fee per trade and access to all ASX Shares and ETFs to invest in with GO Markets. Enjoy dedicated local customer support, a regulated Australian company for trading ASX Shares and ETFs. Plus, enjoy $0 Brokerage on your next 15 trades! (T&Cs apply).

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  • Share Trading

    Small trade brokerage
    Monthly fee
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    5000+ stocks and 19 exchanges all on the eToro app. Invest in ETFs with $0 commission and stocks with just US$2 per trade. Join the world’s leading social trading platform, trusted by 30+ million users worldwide.

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  • Tiger Account

    Small trade brokerage
    Monthly fee
    $2.99
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    Tiger Brokers is an online broker listed on NASDAQ. It offers access to US, ASX & HK stocks, ETFs and US options trading. Mozo special offer for new users only: 7% p.a. on uninvested cash balance up to AUD $100,000 for the first 30 days, with a value up to AUD $575. Plus receive US$30 NVIDIA (NVDA) fractional shares with an accumulated deposit of at least AUD $2,000 within 7 days of the first deposit. T&Cs apply – for full details, go to the Tiger Brokers website.

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