This is What Millennials Are Doing Better Than Any Previous Generation

Many millennials are reaching a point in their life where they’re starting to earn some money.

And whether you’re 25 or 35, now is the time you’ll start to spend differently — simply because you can.

But when it comes down to it, what are millennials actually spending their money on?

While some millennials might have their eyes on designer purchases like a great purse or a statement watch, a recent study by the U.S. Trust revealed that some millennials are actually spending their money on more substantial things.

Photo – U.S Trust

The annual Insights on Wealth and Worth survey revealed that today’s millennials are no longer afraid of investing their money— outpacing previous generations by taking big risks, using hedge funds and venture capital, and more. Today’s millennials aren’t simply inheriting their money and becoming trust fund babies, either; they’re 3.4 times more likely than any other generation to become entrepreneurs.

Compared to older generations, millennial men and women are now 2.8 times more likely to use hedge funds, 1.8 times more likely to try venture capital, and 3.1 times more likely to own impact investments.

Photo – U.S Trust

Because millennials are less intimidated when it comes to investing their money, their market impact is greater than previous generations – research showed that today’s millennials are 5.6 times more likely to have achieved significant gains by taking big risks, and three times more likely to have made significant gains because of ideal market timing.

Finally, one of the biggest takeaways is that millennials are much more confident when it comes to money than previous generations.

“Millennials are far more likely than older generations to believe that their success is attributed to their own innate talents,” according to a survey statement. “Yet they are relentless and hardworking, acknowledging that the harder they work the more success they will have.”

Photo – U.S Trust

With more access than ever to influential women and men who are industry trailblazers, we have great sources of inspiration for our careers and how we might want to invest and spend our money.