Fearful Millennials Missed Stock Market Rally With Shift to Cash
- Getting out of stocks last year meant missing 2023 rally
- Other generations were more likely to stay put during rout
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Millennials were more likely than any other generation to flee the stock market during last year’s rout. That meant they were also more likely to miss out on the subsequent rally.
Those were the results of a survey released Monday by Ernst & Young’s wealth management unit, which found that nearly half of millennial respondents turned to cash amid the market volatility. By comparison, just 34% of Gen X and 24% of Baby Boomers sought safety in cash.