Holding on to a lot of cash is never a good idea. But, according to data from a recent survey of wealthy millennials, more of them are keeping a significant amount of money in savings or checking accounts than ever before.
Why? One theory states that because young Americans came of age during a time when Wall Street failed the general public, they don’t believe in those institutions that can help them grow their wealth. Instead of investing their money, they have become risk-averse. This behavior has the potential to hurt us later in life, because cash doesn’t grow like investments can.
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