“This past week has not changed my life.”
That’s the overarching sentiment many young people have about the market mayhem that has dominated headlines for several days.
While professional traders, money managers and Wall Street watchers all over the world are experiencing whiplash, we wondered if your typical American 20-something even knew about the market’s ups and downs, let alone reach any level of panic. So we headed out to Bryant Park Wednesday – where many young professionals working nearby like to enjoy downtime on a nice summer day – to get a sense of how young folks are feeling about the market.
The overwhelming majority of interviewees (none of whom work in the finance industry) told us that they are neither interested nor personally invested in the markets.
Of the nine people we spoke with, only one has money in the stock market. Which is probably pretty representative of the broader demographic’s investing habits, as so many surveys have said.
According to a Bankrate study from March of this year, only 26% of millennials invest in equities.
And, just 14% of respondents aged 18 to 29 say they trust Wall Street to “do the right thing all or most of the time,” according to a May survey by Harvard University’s Institute of Politics.
Stephanie Serafino, 26, said: “I’m a little nervous, but most of my investments are long-term so I’m not looking for day-to-day returns.” She said the fact that she has investments makes her an anomaly among her friends. “I think [investing] is fun, but a lot of people aren’t that privileged at this age [to have enough savings].”
Emily Tully, 28, falls into that category. “The market is not something I follow; I’m just trying to pay off my student loans.”
Beyond being strapped for cash, Kyle Fasano, 28, feels burned, albeit tangentially, by the 2008 recession. “I don’t trust [the stock market]. I know too many people who lost too much money,” he said. “I see market stories all the time, but I don’t follow them because it’s hard to tell what’s true and what’s not.”
Others, meanwhile, were entirely uninterested in the market frenzy. Devorah Backman, 25, said, “I don’t know enough to panic or to even know if I should be panicking.”
Thomas Rosal, 22, had a similar response: “I have friends who invest in the market and some work in those places where news like this matters very much; they’re having emergency meetings. But personally, I have no involvement. I’m very detached.”
When asked whether the market mood swings came up in their everyday conversation, responses varied depending on the respondent’s age. It became clear the younger they are, the less of a blip the market rout is making on their radar.
“Most of my friends are just out of college, so the markets aren’t something that we really talk about,” Peter Simonson, 21, said.
“My friends and I don’t talk about the stock market,” 22-year-old Hector Gorez told us. “Maybe once I get older and understand a bit more, I’d be interested in investing.”
Brett Borzooyeh, 33, said: “[My friends and I] talk in group texts about it. It’s a topic people want to talk about and become instant experts in.”
