As young Australians embark on their investment journey, it’s crucial to have access to reliable advice that can guide them towards financial success. The ASX Australian Investor Study 2023, which surveyed over 5,500 Australian adults, offers valuable insights tailored explicitly to young investors. In this blog post, we will explore the study’s three best pieces of advice, providing references and backlinks to support the information shared. Let’s dive in!
1. Start Early and Invest Consistently
One of the most important pieces of advice for young Australians is to start investing early and maintain a consistent investment strategy. The ASX study emphasises the advantage of a longer time horizon for young investors, allowing them to benefit from the power of compounding over time(1). By starting early and investing consistently, young Australians can potentially achieve significant growth in their investments.
2. Embrace Technology and Stay Informed
The study highlights the importance of embracing technology and staying informed about investment opportunities. Young Australians, often more tech-savvy, can leverage digital platforms, online resources, and investment tools to enhance their investment strategies. Staying up-to-date with market trends, educational resources, and technological advancements is crucial for making informed investment decisions(2). By embracing technology, young investors can access a wealth of information and tools to support their investment journey.
3. Seek Professional Advice and Build a Supportive Network
While young Australians have access to a wealth of information and resources, seeking professional advice and building a supportive network is essential. The ASX study emphasizes the value of networking and mentorship within the investment community. Engaging with experienced investors and industry professionals can provide valuable insights, guidance, and potential investment opportunities(3). Additionally, seeking advice from financial advisors can help young Australians navigate complex investment decisions and develop personalized strategies.
Conclusion
For young Australians looking to build a solid foundation for their financial future, following these three essential pieces of advice is crucial. By starting early and investing consistently, embracing technology and staying informed, seeking professional advice and building a supportive network, young investors can set themselves up for long-term financial success. Remember to conduct further research, explore additional resources, and consult with professionals to tailor your investment approach to your specific goals and risk tolerance.
This article was written by Director & Senior Adviser Shane Mitchell and is a summary of the key points from the ASX Australian Investor Study 2023 that relates to young Australians. The information should not be considered personalised financial advice. If you have specific questions or concerns book a session to review your investment plan or any other financial planning issue contact Shane directly on 08 6222 7909 or book a meeting now via his booking page.
References:
- ASX Australian Investor Study 2023, Page 68
- ASX Australian Investor Study 2023, Page 33
- ASX Australian Investor Study 2023, Page 67
