According to Robinhood co-founder and co-CEO Vlad Tenev, millennials buy stocks online using their commission-free stock-trading app to spend less money on coffee and more to analyze market trends. 

Data collected over several years of activity on the app reveals that average 30-year-old millennial users tend to purchase more shares than they sell, and have a high likelihood or purchasing a few shares of dozens of different stocks to diversify their portfolio.

Tenev states: “You have these people that maybe are buying 50 different stocks but one or two shares of each, and they’re creating these diversified portfolios using small amounts of money. That type of transaction would have cost thousands of dollars in the past – people just wouldn’t have done it.”

It’s obviously easier for younger people to get into investing when it’s right there on their phones, next to bapps for fantasy football and checking Reddit. Maybe young people spending all their time on their phones isn’t such a terrible thing for society? 

While speaking on general habits of the millennial investor, Tenev indicated that most of their customer’s investment funds are coming out of spending money, also known as money that would’ve been spent on discretionary items like coffee or on Amazon.

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