Millennials have more interest in making socially responsible investments than do investors from other generations, according to a generational study conducted by Spectrem.
In the study High Net Worth Millennials, 49% of Millennials with more than US$1 million net worth said that social responsibility is a factor in choosing an investment.
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Forty-three percent of investors from Generation X said social responsibility matters in investment choices, 34% of Baby Boomers agreed, and 27% of seniors looked to social responsibility in making investment decisions.
Millennials were investors aged 32 and younger. Generation X was investors aged 33 to 47. Baby Boomers were investors aged 48 to 66, and seniors were 67 and above.
For non-Millionaire Millennials, social responsibility was an even higher priority, with 53% saying they made investment decisions based on social factors.
Forty-two percent of non-Millionaire Generation X investors made decisions based on social responsibility, 41% of non-Millionaire Baby Boomers and 39% of non-Millionaire seniors did the same.
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By GlobalDataMillennials are the most cynical regarding corporations who claim to be socially responsible. Three-fourths of Millionaire Millennials (vs. 49% overall) said they believe that socially responsible corporate behavior is nothing more than public relations, according to a separate Spectrem study conducted in 2013.
Millennials are also more likely to believe that social responsibility is not a corporate responsibility and that it is up to individuals to decide whether or not to use their investment returns for social change.
Millennials report far less concern over issues outside the social responsibility area. While 64% of seniors report concern over terrorism, only 36% of Millennials have that worry, and while 84% of seniors are concerned over the political environment in the United States, only 54%of Millennials worry about the political atmosphere.
