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The millennial generation has been the target market for many new FinTech solutions, especially in the wealth management space. Known to be much less risk averse, millennials took the recent stock plunge by storm, buying stocks and purchasing new trading accounts. This age shift towards tech-savy investors is a positive sign for capital markets, as millennials do not seem moved by China's economic slowdown or questions on the rise of interest rates.
Millennials jumping in to buy stocks during the current volatility certainly runs counter to how a lot of other investors were behaving. Mom and pop investors dumped their investments and moving to cash at levels not seen since the financial crisis of 2008. Last week alone, investors pulled nearly $30 billion from stock funds. That's the largest weekly outflow since Bank of America Merrill Lynch began tracking the data in 2002. But it was a buying opportunity for many young investors.
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