The benchmark S&P 500 is on track to end the year notably higher, but that doesn’t mean it’s been a smooth ride. Since the end of February, we’ve seen the fastest bear market slide on record, as well as the quickest rebound rally to new highs from a bear market low. This volatility has been the perfect lure for millennial investors.
Online investing app Robinhood, which is known for its commission-free trades and free stock gifts to new members, has been gaining new users hand over fist in 2020. The average age of Robinhood’s user base is only 31. This suggests it’s been attracting millennial and novice investors in droves.