Alternative lender Growth Street has revealed that 37.4% of its investors are under the age of 35, contradicting public figures who have chastised millennials for not thinking about saving and investment.
Growth Street’s news follows comments made by property mogul Tim Gurner earlier this month. In an interview, Gurner asserted that spending too much on avocados has contributed to lower levels of homeownership among millennial consumers.
Last year, the FT asserted that “20-somethings feel financially doomed so do not save”. But the simple digital interfaces and investing products offered by alternative lenders like Growth Street are aimed at giving younger people more investment flexibility than ever before.
Growth Street CEO Greg Carter commented: “Millennials have traditionally been underserved by conventional investment products. In the past, investment products have targeted older individuals with higher disposable incomes, but Growth Street is turning this convention on its head.
“We’re delighted to see that almost 40% of our investors are under 35. Growth Street’s values are aligned with millennials’ financial philosophy: that investment products should be accessible, fair and simple.”