The research also pointed to millennials’ growing appetite for innovations like fractional equity trades and diversified portfolios. That’s laid the groundwork for a new market for users of digital wallet apps, which Juniper Research predicts will surpass 4.4 billion by 2025.
“The ability for providers to offer fractionalized trading has provided a whole new segment of consumers with the opportunity to access wealth creating markets using the smartphones they already own,” said Harry Temkin, Chief Information Officer at DriveWealth.
“Millennials are motivating fintechs and neobanks to innovate their product suite to improve access to U.S. equities and financial literacy tools in underserved markets. Our recent partnerships with companies like Toss Securities, Goalsetter, and Sproutfi are testaments to the amount of power Millennials have to shape the financial ecosystem at large – all they need is an investment button that’s now accessible in the palm of their hand.”
The data showed millennials making up the highest share (46%) of all new account openings globally.
And while news stories inspired by “meme stocks” and Reddit comments persisted in the press, the report indicates that international investors—particularly younger ones—tended to build their portfolios with more tried-and-true stocks. The top three symbols traded globally, in order of popularity, are still AAPL, TSLA, and AMZN.
