Two in five millennials now investing in property and shares to grow their wealth: CommBank

woman-sitting-on-steps-share-trading-on-phone

New research from the Commonwealth Bank has challenged one of the major misconceptions surrounding millennials: that they are a generation of spenders.

A study of 1,002 Australians commissioned by the bank and conducted by YouGov Galaxy in April found that 43% of millennials are actively investing their money with the ultimate goal of becoming financially independent.

In terms of investment priorities, property (45%) and share trading (38%) were the most popular options for young Aussie investors, while a quarter of respondents also said that they were topping up their superannuation in addition to employer contributions.

Commonwealth Bank’s research also captured what could be a generational shift in attitudes when it comes to talking about investing.

Rather than being a taboo topic, the vast majority (86%) of millennials surveyed said that they wanted to have ‘more open discussions’ about investing their money, particularly about trading on the stock market.

And given the surge in interest towards online share trading during the pandemic period, that’s perhaps not much of a surprise.

According to figures from CommSec, just under two thirds (63%) of the one million new CommSec share trading accounts which have been opened since February 2020 are held by millennial users.

The entry-level CommSec Pocket option - which offers a selection of “themed” exchange traded funds (ETFs) for users to invest in - has also proved popular with younger investors, with the bank noting that 80% of the 300,000 accounts opened since 2019 have come from under-40’s.

“We are seeing a behavioural shift from this younger demographic of investors,” said CommSec’s managing director, Richard Burns. “Seventy-one per cent are using CommSec’s leading mobile platforms for trading and there is strong demand for global exposure with Exchange Traded Funds (ETFs) and International equities proving to be a popular starting point for investment."

“Female investors are also growing in number and increasingly turning to CommSec Pocket to start their investment journey, accounting for 44 per cent of total new account openings – up from 31 per cent pre-COVID.”

RELATED: Stake lays down a marker with launch of $3 ASX brokerage

Thinking about dipping your toes in the stock market? Well before you get trading, you might be interested in reading about some of the best share trading platforms in Australia (including CommSec Pocket) as named in our 2021 Mozo Experts Choice Awards.

Otherwise if you’re interested in comparing a range of accounts on everything from features, brokerage and other fees, head on over to our dedicated share trading account comparison table to get started.

Compare share trading accounts - rates updated daily

Search promoted share trading below. Advertiser disclosure.
  • placeholder
    Share Trading

    Small trade brokerage
    Monthly fee
    $3.00
    $0.00

    Invest in AU stocks, US stocks, HK stocks and ETFs on moomoo trading platform. US trades from $0.99 USD, other fees apply. Backed by a Nasdaq-listed fintech. (T&Cs apply).

    Details
  • placeholder
    Mozo Experts Choice 2023
    Tiger Account

    Small trade brokerage
    Monthly fee
    $5.50
    $0.00

    Tiger Brokers is an online broker listed on NASDAQ. It offers access to US, ASX & HK stocks, ETFs and US options trading. Enjoy one brokerage-free trade per month on US and ASX stocks* with account opening. Mozo special offer for new users only: Get USD $25 in Tesla fractional shares plus USD $50 in fractional shares for new accounts with an accumulative net deposit of AUD 500*. T&Cs apply.

    Details
  • placeholder
    Share Trading

    Small trade brokerage
    Monthly fee
    $7.70
    $0.00

    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).

    Details
  • placeholder
    Idle Cash

    Small trade brokerage
    Monthly fee
    $5.50
    $0.00

    Receive interest on your uninvested cash. Deposit over USD/AUD 5,000 to start receiving 1.5% return; 2.25% return on over AUD 50,000; Up to 3.25% return on over USD 50,000. Mozo special offer for new users only: Get USD 50 fractional shares plus USD 25 Tesla shares with a cumulative net deposit of min. AUD 500 within 7 days of the first account opening. T&Cs apply.

    Details
  • placeholder
    ASX Shares

    Small trade brokerage
    Monthly fee
    $0.00
    $0.00

    Join the world’s leading social trading platform, trusted by 30 million users worldwide. Invest in stocks, crypto, ETFs and more - all in one place. Hone your financial skills with a $100K virtual demo account.

    Details
  • placeholder
    Share Investing

    Standard

    Small trade brokerage
    Monthly fee
    $0.00
    $0.00

    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).

    Details

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.