Some millennials and Gen Zers are closing investing accounts over inflation
Nearly 1 in 5 consumers have closed an investing, trading or brokerage account over the past 12 months, according to a survey.
The percentage rises to 21% for millennial and Gen Z investors, higher than the other groups surveyed.
It’s been a rough year for the stock market, and some consumers are closing investment accounts due to inflation and volatility concerns.
Nearly 40% of those surveyed sold some or all of their investments because of inflation, the report found, and 31% sold assets due to fear of losing money amid stock market volatility.
‘Selling out’ may lead to regrets
Without a sufficient emergency fund, some investors may be selling assets to cover a higher cost of living
Some 23% of millennials and 15% of Gen Zers wished they had invested more, the survey found, and roughly 15% of each group regrets selling an investment.
Alternatively, if you’ve decided a particular investment doesn’t align with your goals, a targeted sale may also make sense. Then you can find other assets to better suit your needs.