WASHINGTON, DC, February 25, 2019 –The North American Securities Administrators Association (NASAA) encourages Millennials to focus on the importance of investing and protecting their investments in recognition of America Saves Week and Military Saves Week, national campaigns to encourage people to save and invest for their financial future. As part of this outreach, NASAA is launching a social media campaign (#MillennialsSave2019) to deliver investor awareness messages to Millennials.
The nation’s 75 million Millennials have surpassed Baby Boomers as the largest demographic in the United States. With nearly a quarter of the entire U.S. population, Millennials also make up nearly two-fifths of all working age Americans – those saving and investing to build retirement nest eggs.
“Millennials either are just coming of age or are starting to get serious about building wealth for their financial futures. At the same time, many are straddled with student loan debt, are ill-equipped with the financial literacy tools necessary to build their future and may become susceptible to the go-to promise of con artists: high returns for low risk,” Pieciak said.
As NASAA commemorates its centennial anniversary this year, Pieciak has asked NASAA’s grassroots network of investor education specialists throughout North America to expand their ongoing generational outreach initiatives to include resources specifically designed for Millennials.
“Their financial fortunes over the coming decades will have a profound impact on the health of our financial system and our economy more broadly,” Pieciak said. “We cannot afford to let this younger generation try to build retirement security without the investor education and awareness tools they will need.”
Pieciak offered Millennials three tips to protect their investments.
1. Watch for the Red Flags of Fraud. “If it sounds too good to be true, it usually is,” Pieciak said.
2. Understand Who You Are Doing Business With. “Many of us spend more time reading a restaurant’s reviews than researching the background of our stockbroker or investment adviser,” he said.
3. Know Where to Turn for Help. “Your state securities regulator is just a click, tweet or call away,” Pieciak said.
NASAA’s website offers a variety of investor awareness and protection resources, including tips on how to spot the warning signs of possible investment fraud; how to request information about your stockbroker or investment adviser’s qualifications, employment history, and disciplinary record; and contact information for each state’s securities regulator.
America Saves Week and Military Saves Week are national public awareness campaigns managed by the Consumer Federation of America.
For More Information:
Bob Webster | Director of Communications
Noelle Lane | Communications and Outreach Coordinator