千禧一代的财务偏好：爱囤现金，较少投资股市
尽管离退休还有几十年，但在最近的股市波动中，很多千禧一代却保持观望。从长远来看，这可能影响其财务状况，导致长期以来积累财富困难重重的一代人面临的问题愈加复杂。
根据安永会计师事务所（Ernst & Young）的《2023年全球财富研究报告》（2023 Global Wealth Research Report），在去年市场暴跌期间，千禧一代对部分资产采取“去风险”处理并转向持有现金的可能性最高。该报告基于2022年10月至11月期间对2,600多名客户的调研。
报告显示，去年近一半（47%）的千禧一代持有现金是为了“安全感”，相比之下，X世代和婴儿潮一代做此选择的比例分别为34%和24%（问卷中不包括Z世代客户）。另一份报告发现，2022年，千禧一代将三分之一的退休资产分配给现金。
随着美联储（Federal Reserve）提高利率以遏制通胀，现金的吸引力越发高涨。现在很多储蓄和现金账户提供3%至5%的收益率，大额可转让存单的利率也大幅上升。
但这并不意味着本应投资的资金应该转移到收益率略高的存款账户。虽然在去年的波动中，现金可能会让千禧一代投资者感到更安全，但同时也意味着随后的市场反弹中可能踏空。
哪怕只错过市场几天反弹也可能影响投资者的底线：根据摩根大通资产管理公司（JPMorgan Asset Management）的数据，如果过去20年标准普尔500指数（S&P 500）表现最好的10天并未投资，获得的最终收益就会比投资的人少一半。
摩根大通的数据显示，过去20年中，有7个“表现最佳”市场交易日出现在10个最差交易日的两周内，充分说明在情况糟糕时，仅仅袖手旁观是多么危险。
“所以，下次市场出现吓人的波动，让你对长期投资策略产生怀疑时，退出市场之前要认真想想。”摩根大通的全球投资策略师埃丽丝·奥森堡写道，“有70%的几率会错过股市大涨的机会。”
千禧一代又逢打击
这并非千禧一代第一次犯类似的投资错误。这群27岁到42岁之间的人们仍然对大衰退（Great Recession）心有余悸，自21世纪20年代以来，市场的多次波动又加剧了恐惧心理。如今人们早已熟知，种种情况导致千禧一代可能过分谨慎。
然而理财规划师表示，从长远来看，坚持投资并从容应对市场高峰与低谷仍然是对抗通胀的最佳方式。由于出现了很多千禧一代无法控制的经济因素，他们在相同年纪掌握的财富比前几代要少。如果不参与市场，就可能恶化这一状况，而且参与市场与否其实在可控范围内。
千禧一代在经历了一次又一次的财务打击后，保持警惕无可否非。但是，从互联网泡沫到2008年全球金融危机，再到新冠疫情，总有出现让股市投资看起来可能失败的新风险。市场总会回弹。
“并不是说要忽视普遍存在的风险；而是要记住，随着风险过去，市场往往会自行调整。”奥森堡写道，“自2017年年初以来，尽管多年来投资者心头疑云未散，但对标普500指数的投资迄今已经增长了一倍多。”（财富中文网）
译者：梁宇
审校：夏林
尽管离退休还有几十年，但在最近的股市波动中，很多千禧一代却保持观望。从长远来看，这可能影响其财务状况，导致长期以来积累财富困难重重的一代人面临的问题愈加复杂。
根据安永会计师事务所（Ernst & Young）的《2023年全球财富研究报告》（2023 Global Wealth Research Report），在去年市场暴跌期间，千禧一代对部分资产采取“去风险”处理并转向持有现金的可能性最高。该报告基于2022年10月至11月期间对2,600多名客户的调研。
报告显示，去年近一半（47%）的千禧一代持有现金是为了“安全感”，相比之下，X世代和婴儿潮一代做此选择的比例分别为34%和24%（问卷中不包括Z世代客户）。另一份报告发现，2022年，千禧一代将三分之一的退休资产分配给现金。
随着美联储（Federal Reserve）提高利率以遏制通胀，现金的吸引力越发高涨。现在很多储蓄和现金账户提供3%至5%的收益率，大额可转让存单的利率也大幅上升。
但这并不意味着本应投资的资金应该转移到收益率略高的存款账户。虽然在去年的波动中，现金可能会让千禧一代投资者感到更安全，但同时也意味着随后的市场反弹中可能踏空。
哪怕只错过市场几天反弹也可能影响投资者的底线：根据摩根大通资产管理公司（JPMorgan Asset Management）的数据，如果过去20年标准普尔500指数（S&P 500）表现最好的10天并未投资，获得的最终收益就会比投资的人少一半。
摩根大通的数据显示，过去20年中，有7个“表现最佳”市场交易日出现在10个最差交易日的两周内，充分说明在情况糟糕时，仅仅袖手旁观是多么危险。
“所以，下次市场出现吓人的波动，让你对长期投资策略产生怀疑时，退出市场之前要认真想想。”摩根大通的全球投资策略师埃丽丝·奥森堡写道，“有70%的几率会错过股市大涨的机会。”
千禧一代又逢打击
这并非千禧一代第一次犯类似的投资错误。这群27岁到42岁之间的人们仍然对大衰退（Great Recession）心有余悸，自21世纪20年代以来，市场的多次波动又加剧了恐惧心理。如今人们早已熟知，种种情况导致千禧一代可能过分谨慎。
然而理财规划师表示，从长远来看，坚持投资并从容应对市场高峰与低谷仍然是对抗通胀的最佳方式。由于出现了很多千禧一代无法控制的经济因素，他们在相同年纪掌握的财富比前几代要少。如果不参与市场，就可能恶化这一状况，而且参与市场与否其实在可控范围内。
千禧一代在经历了一次又一次的财务打击后，保持警惕无可否非。但是，从互联网泡沫到2008年全球金融危机，再到新冠疫情，总有出现让股市投资看起来可能失败的新风险。市场总会回弹。
“并不是说要忽视普遍存在的风险；而是要记住，随着风险过去，市场往往会自行调整。”奥森堡写道，“自2017年年初以来，尽管多年来投资者心头疑云未散，但对标普500指数的投资迄今已经增长了一倍多。”（财富中文网）
译者：梁宇
审校：夏林
Though they still have decades until retirement, many millennials are sitting on the sidelines amid the stock market’s recent volatility. And that could hurt their finances in the long run—compounding problems for a generation that has long struggled to build wealth.
Millennials were the most likely to “de-risk” some of their assets and turn to cash during last year’s market rout, according to Ernst & Young’s 2023 Global Wealth Research Report, which surveyed more than 2,600 clients between October and November 2022.
Nearly half (47%) of millennials “sought safety” in cash last year, according to the report, compared to 34% of Gen X and just 24% of baby boomers (the survey did not poll Gen Z clients). A separate report finds millennials allocated a third of their retirement assets to cash in 2022.
As the Federal Reserve raised interest rates to try to curb inflation, cash options have become increasingly attractive. Many savings and cash accounts are now offering 3% to 5% yields, and CD rates have also jumped.
But that doesn’t mean that money that would have been invested should be diverted to deposit accounts with slightly higher yields. While moving to cash may have made millennial investors feel more secure during last year’s volatility, it also means they’ve potentially lost out on the market’s subsequent rally.
And missing even a few days of the market’s rally can be detrimental to an investor’s bottom line: Those who were not invested for the S&P 500’s 10 best days in the past two decades saw half the gains of those who were, according to JPMorgan Asset Management.
In the past 20 years, seven of the “best” market days occurred within about two weeks of the 10 worst days, according to JPM’s data—highlighting how dangerous it can be to sit on the sidelines when things get bad.
“So next time market volatility feels scary enough to make you second-guess your long-term investment strategy, have a good think before you get out of the market,” writes Elyse Ausenbaugh, global investment strategist at JPM. “There could be a 70% chance you’ll miss one of the best days.”
Another blow for millennials
This isn’t the first time millennials have been found to make this investing mistake. Many members of this generation, who now range in age from 27 to 42, still carry scars from the Great Recession, exacerbated by the many swings of the market so far in the 2020s. It’s long been a storyline that this has made them a little more cautious than they might be otherwise.
But financial planners say investing—and taking the market’s highs and lows in stride—is still the best way to try to outpace inflation long-term. Millennials already have less wealth than previous generations at their age, due to many economic factors outside of their control. But staying out of the market—something they have some control over—could exacerbate that.
Millennials are rightfully wary after enduring hit after financial hit. But from the dotcom bubble to the 2008 global financial crisis to the COVID-19 pandemic, there is always a new risk that can make investing in the stock market look like a losing proposition. The market has always come back.
This “isn’t about dismissing prevailing risks; it’s about remembering that markets tend to right themselves as those risks pass,” writes Ausenbaugh. “Since the start of 2017, an investment in the S&P 500 has more than doubled up to the present despite all of the concerns that have plagued investors over the years.”
