(StatePoint) Now comprising the largest percentage of the workforce, millennials report that their parents did not give them much guidance about investing and many are not confident they are saving enough for the future.
According to a new PNC Investments Millennials & Investing survey, this demographic largely agrees that while they learned about saving money at a young age, they did not receive as much guidance from their parents about building wealth through investing. Financial experts say that this knowledge gap could prove challenging for this segment of the population in the long-term.
“The money mindset that many millennials adopted during their childhood could derail their long-term financial goals,” says Rich Ramassini, CFP, senior vice president, PNC Investments. “When it comes to building wealth over the long-term, investing is a critical component that should not be ignored.”