Wealthy millennials are rethinking their money habits and investment strategies because of the pandemic
In May, UBS surveyed over 3,750 investors across 15 countries, including the US, the UK, Germany, and Hong Kong. The respondents comprised three age groups: those between the ages of 25 and 30 with at least $250,000 in investable assets, 31 to 39-year-olds with at least $500,000 in investable assets, and those 40 or older with at least $1 million in investable assets.
In addition, nearly 3 in 4 millennials surveyed revealed that the pandemic has changed the way they think about money, compared to just over half of boomers. The result is that 71% percent of millennials now feel as if they have to work harder to make up for COVID-related financial losses, and 68% are worried they currently do not have enough money saved in case there is another pandemic — significantly more than the respective 34% and 38% of boomers who feel this way.
Sixty-nine percent of millennials say they're "highly interested" in sustainable investing because of the pandemic, while 60% said they now want to get involved in philanthropy.
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