"Older Millennials seem to be getting the message that the stock market allows for major financial gains if you start early," said Jill Cornfield, Bankrate's retirement analyst. "Although there's always some risk involved, building a portfolio at an early age allows for compound interest to grow and produce ample savings over time."
Younger Millennials ages 18 to 25 are overwhelmingly beleaguered by a lack of knowledge about investing than their older Millennial counterparts, listing it as their top concern.
This is true for Shannon Rockett, a 22-year-old recent college graduate employed in New York City who refers to herself as "not even remotely literate" when it comes to investing. "If I was, I would be interested in entering the market," she added.
Her knowledge of the stock market comes largely from news sources on her Twitter feed, which she follows passively.
"I don't actively seek out information about the stock market, because I feel so largely removed from it," Rockett said.
That's just the impediment keeping Millennials, especially younger ones, out of the investing arena. Bankrate's Cornfield finds that there is a general lack financial literacy among all adults that is keeping them from the markets. "It would be great if people were more educated, but very few people want to become 'do it yourself' investors," she said.
Still, those with a college education were more more that twice as likely to invest than those without one, according to the Bankrate study. Some 61% of college-educated respondents had money in the markets.