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There’s good news and bad news to report on the financial status of the Millennial Generation. The Millennials is the 80 million-person-strong generation born between 1980 and 2001.

Since they’re demographically as big as the Baby Boomers, their impact on the country’s economic picture is indisputable. The Boomers brought in a surge of spending and investing that buoyed the global economy.

Experts in demographics are hoping that Millennials will have the same prosperous effect. That, though, doesn’t look promising.

First the bad news…

According to KRC Research’s study, Microsoft “Millennials in Financial Services,” only half of the generations plan to invest. The group cites the recent meltdown as the source of its mistrust.

And it’s not just investing in the stock market and 401Ks. They don’t even want to invest in savings accounts.

That’s bad news. Investing is a primary prong of any financial independence plan. Millennials who don’t invest will be at the mercy of employers.

On the other hand, this mistrust is causing Millennials to look for alternatives to the Financial Services industry. That’s great news. Elements of the Financial Service industry have under- served its clients, charging exorbitant fees and delivering unremarkable returns.

This new generation is looking for new ways to handle their finances. Perhaps this will lead to a more hands-on approach to investing and the use of new tools, like Automated Trading technologies and money management sites, like Mint.com, to create a new generation of personal finance.

The future depends on it.

Related posts:

1. 2010 Forecast: Clouds And A 100 Percent Chance Of Algorithms
2. Weekly Wisdom: The Do-It-Yourself Nation
3. Why Johnny Can’t Invest: Five Reasons Behind A Scary Trend
4. How To Make A Million… Yes Even In This Economy
5. Pioneers Of The Wealth Singularity

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