Millennial investors are less trusting of financial advisors than Gen Xers and Baby Boomers.
According to a new survey by Accenture, 43 percent of millennials, those ages 21 to 30, thought of themselves as conservative investors, compared to 31 percent of Baby Boomers, age 46 to 70. The younger generation also was more likely than Baby Boomers to say they preferred tried and true investment options and were four times more likely than Baby Boomers to say they were unwilling to act on the advice of a financial advisor without first consulting other sources.
Forty-four percent of millennials said they spend a lot of time researching alternatives before making a major purchase decision, compared to 33 percent of Baby Boomers.
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