NEW YORK (TheStreet) -- Millennials don't trust Wall Street -- and they're showing it by not investing in the stock market.
Just 14% of respondents aged 18 to 29 say they trust Wall Street to "do the right thing all or most of the time," compared with 12% last year, according to a survey released earlier in the week by Harvard University's Institute of Politics. The statistic has barely changed over the past five years.
"This could definitely be a problem for Wall Street," said Kevin Kelly, chief investment officer at Recon Capital Partners. "We haven't seen Wall Street change since the financial crisis. Every day, we're starting to see headlines still: Wall Street does it again, another Wall Street faux pas."
And millennials' distrust for Wall Street is illustrated by how few members of this generation have invested in stocks. Only 26% of millennials invest in equities, according to a March 2015 Bankrate survey; this results in their missing out on unprecedented returns. The S&P 500 has risen 210% since its March 2009 low and strategists think the bull market still has fuel left.
Yet David Nelson, chief strategist at Belpointe Asset Management, believes millennials will make their way to the markets. "They will buy stocks, but millennials will invest in ways different from their parents, via robo advisers or methods where they can be more involved."
For now, millennials are bolstering their savings accounts. When it comes to saving 5% of their income, some 56% of millennials aged 18 to 34 do so, an increase from 50% last year, according to a February 2015 survey by the Consumer Federation of America. Overall, Americans save 5.3% of their personal income, according to the Commerce Department.