Rich millennials are jaded by the stock market, and losing interest in its ups and downs.
Instead, a survey by Bank of America found, they’re focused on more stable options such as cryptocurrency, real estate and private equity.
It marks a divergence from their older siblings and parents, in whom faith in the stock market is a generational personality trait.
For those between 21 and 42 with at least $3M in assets, they only have around a quarter of their money tied up in equities, compared to over half as maintained by older generations.
Millennials in general have a different relationship with their money, and Gen Z hot on their heels different still – trusting less to ages-old institutions and practices to build wealth and focusing on assets that are less likely to leave them high and dry.
Call it the result of being dragged through adulthood in the midst of recessions, wars, and some of the greatest economic and global instability in recent history.