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NEW YORK (MainStreet) -- Opting to pour their money into cash or other conservative investments which yield extremely low returns, Millennials are investing more like Baby Boomers.

Some Millennials have fallen into the "Depression syndrome," similar to the reaction of investors who survived the Great Depression, said Alex Navarro, a senior vice president and private financial advisor for Atlanta-based SunTrust Investment Services.

“We’re finding that some 25-year olds are investing like 75-year olds,” he said. “It’s hard to blame them. They are incredibly conservative in their investing when they should be more aggressive.”

Too many people focus on the risk of investing when they should instead consider the risk of not investing, Navarro said. While many Millennials prefer to adopt a defensive, conservative allocation over 30 years in the aftermath of the Great Recession, this strategy may earn only a 2% annual return compared to a 10% return in a more aggressive position, he said.

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