A new poll suggests two-thirds of millennials are investing their money, but that most feel they don’t have adequate knowledge for the task.
“Financial literacy is starting to become something that we’re paying attention to and wanting to teach in schools, but for most millennials it was just not part of our education,” Bridget Eastgaard, president and CEO of Money After Graduation said.
The poll for CIBC found 67 per cent of Canadians aged 18 to 34 reported having investments including stocks, GICs, bonds and mutual funds. However, 82 per cent said they didn’t know enough about investing.
Eastgaard became interested in investing while blogging as a way to track her student loan repayment. She went back to school for an MBA in finance and now offers online tools that teach young people the basics about the stock market.
“It is so important to go into the stock market, because that’s really the only place that we’re going to see the return you need to retire comfortably and live the life that you want.”
Her advice? Invest in your knowledge before actually investing your money. Whether it’s starting with a book, using online resources or talking to an advisor at the bank, Eastgaard believes once you tackle the learning curve you should be set for life.
“The stock market will always be there… it’s better to wait and know what you’re doing rather than to just jump in and lose money.”