Accounting firms can count on the support of millennials.
In an encouraging sign for the US economy and for the nation’s number crunchers, millennial investors are more confident than members of any other generation in the reliability of audited financial information and in investing in US and overseas markets.
An impressive 89% of millennial investors expressed at least some confidence in US capital markets, according to the Center for Audit Quality’s most recent annual Main Street Investor Survey.
In fact, younger investors were shown to have more confidence than members of Gen X, the Boomer Generation, and the Silent Generation.
As part of the survey, millennials also expressed faith in auditors.
This vote of confidence from the world’s largest cohort could translate into years of good business for the US accounting industry.
According to First Research, the nation’s accounting services industry includes more than 125,000 establishments (single-location companies and units of multilocation companies), with combined annual revenue of about $135 billion.
Overall investor confidence was at its highest level since 2011 among roles focused on advancing investor protection, such as independent auditors of public companies (81%) and public-company audit committees (77%).
Respondents also noted areas of concern. Investors surveyed by the group indicated that the greatest risk to the nation’s economy in the next four years was the growing national debt (29%) and global political unrest (19%).
Industry Impact — Accounting firms may benefit from millennial investors’ confidence in audited financial information as the assets controlled by people in this generation increase.
Tracking the moves of consumer products makers since 2003, Catherine Colbert is an industry researcher, writer, and blogger. Previously, she spent ample time in magazine publishing, technical writing, ad copywriting, medical writing, and marketing. Follow her on Twitter.