Not all millennials invest alike, but they do have similar tendencies depending on the size of their bank accounts.
A recent study by exchange traded fund provider Global X Funds broke down affluent millennial and generation X investors and found that they can often be lumped into classes.
For example, Global X titled millennials with $100,000 to $250,000 in investable assets as "The Builders" as they have just begun to save and invest. The study revealed that the so-called builders are not as likely to use professional financial services as the other investor groups and it found they are 30% less likely to use an adviser and 49% less likely to get financial information from an adviser.
The survey also showed that savings are not a major part of their financial plans just yet, as they are 26% less likely to have a plan to save for their children's education.
"The builders tend to be tech-savvy, do-it-yourselfers," said Bruno Del Ama, CEO of Global X Funds. "They have the right level of risk aversion and they are trying to invest and be thoughtful about it."
In May, Global X launched the Global X Millennials Thematic ETF (MILN - Get Report) . The fund, up 8% since inception, seeks to track the INDXX Millennials Thematic Index and most recently held stocks including LinkedIn (LNKD) , eBay (EBAY - Get Report) and Amazon (AMZN - Get Report) .
Global X named the wealthier Millennial group -- aged 21-36 with over $250,000 in individual investable assets -- as "Adrenaline Techies" due to their preference to utilize roboadvisers, consume information via apps and podcasts, and trade frequently.
According to the Global X survey, the adrenaline techies are 136% more likely to use robos and apps than the other groups polled, and 125% more likely to trade at least 10 times a month. They have a favorable view of ETFs, as they are 38% more likely to find ETFs appealing and 43% more likely to consider smart beta ETFs in a portfolio. They are 28% more likely to grow a nest egg.
"As millennials get wealthier, they start trading way too much, even though they are saying that they are building a nest egg," said Del Ama. "They are not being consistent with their stated objectives."