Millennials have an itchy trigger finger when it comes to investments, reacting to market volatility with unwise decisions—but they're less likely to seek out professional financial advice.
That's according to the MassMutual Retirement Savers Study from Massachusetts Mutual Life Insurance Co., which finds that millennials are all too ready to reallocate retirement savings when the market gyrates, but the decisions they make when things are in flux can be the wrong ones for their long-term plans.
While 60% of older adult Americans, according to the study, say they're leaving their retirement savings strategy as is—including 63% of women and 56% of men—just 23% of millennials are sticking to their guns, compared with 59% of those aged 34–49, 74% of those aged 50–64 and 82% of those aged 65 and older.
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