There’s an up-and-coming age group of stock investors who may change the way people traditionally think of investments.
Growing up in the 90s and early 2000s has made the millennial age group more in tune with technology. With the rise of the internet in the middle of most millennials’ childhoods, this group has become more accustomed to trusting in technology and learning what will sink or swim in terms of where to put their money.
As such, it should come as no surprise that when millennials choose to buy stocks, they’re inclined to look into more tech-related ones.
According to trading app Robinhood, those under the age of 30 are 30 percent more likely to purchase Netflix stock than anyone above their age range. This falls directly in line with LendEDU’s survey of college students, where a mere 8 percent said they do not have a Netflix account. Buying into Netflix stock is likely akin to early investors of the Blockbuster video store chain when it first started popping up in most suburban neighborhoods.
While video streaming is a hot item for millennials, this age group is also putting stock in disappearing image social media company Snapchat. It turns out that when Snapchat’s parent company Snap filed for its IPO, millennials were in the majority of those choosing to buy early.
Robinhood’s Co-Founder, Baiju Bhatt, commented to USA Today about this new age moving into the tech space via Snap’s IPO: “Snap’s IPO revitalized investing among the younger generation. We also saw a surge in new accounts, with many new customers opening up their first brokerage account.”
With more millennials graduating college and moving into the work force, it’s likely that we’ll continue to see this age group show up in droves to invest in new technologies.