When it comes to investing, millennials are a cautious group. In fact, nearly half think it’s too risky to invest, according to the BlackRock Global Investor Pulse Survey. Rather than buying stocks and bonds, 70 percent of adults ages 25 to 36 are clinging to cash assets.
Millennials don’t trust the markets because there’s still a hangover from the financial crisis of 2008-09, said Chad Smith, a certified financial planner with Financial Symmetry in Raleigh, N.C. “Some have called it Armageddon hypochondria,” he said. This means that they’re afraid to invest because there will be a repeat of the recession and market crash, which puts them far behind in saving for retirement.
But millennials aren’t the only ones shying away from stocks. Only 22 percent of Americans think stocks are the best long-term investment, according to a 2016 Gallup poll. If you’re trying to save for a comfortable retirement, though, avoiding stocks isn’t the best strategy. Click through to find out how to get over your fear of investing.