Research shows that millennials are more impatient than previous generations. The question is: “But why?” It can be attributed to technological advances which have made our lives easier, more efficient and made us more accustomed to experiencing instant gratification in many aspects of our lives. As a result, we have become accustomed to this swift way of living.
According to Phiko Peter, Client Relationship Manager at Allan Gray, this impatience is also extended to the way many millennials approach investing: “We want great returns and we want them now – this makes us susceptible to fraudulent get-rich-quick schemes”.
To empower millennials during youth month, Peter warns younger investors to be aware of digital investment scams. He discusses this phenomenon in a media release and also provides top tips on avoiding these schemes. “Despite our need for instant gratification, the truth is that there are no shortcuts to building long-term wealth’, he argues.
“Successful investing requires consistency, patience and time” – an approach we should also advise our clients on. Peter shares a few red flags to look out for when considering a new investment – valuable tips for our clients.
In his conclusion Peter highlights the role of a reputable financial adviser. Advisers should always vet investment opportunities and ensure that their clients are protected from scams.
“A good financial adviser will explore your unique set of circumstances and implement a long-term investment strategy to help you reach your financial goals”, Peter concludes.
Click here to read the Allan Gray media release.