An MSCI study in 2018 found that 90% of US millennials wanted their investments to be in line with their ethical values. Investment platform Nutmeg found this commitment to SRI was not lost to the crisis. Its survey found that a quarter of 25-34 year–olds said that they are much more likely to seek out SRIs since the pandemic began.
For millennials, the pandemic has only reaffirmed the need for SRI. Often compared in scale to the climate crisis, the mammoth impact of this pandemic has exposed the vulnerabilities within our economies. Many of these vulnerabilities have been found in traditionally safer assets such as equities in energy companies or commodities. Why invest in an asset that you don’t see as part of a plausible future?
So much for snowflakes
The pandemic has revealed an important truth about millennials then. They are not the snowflakes or spoilt brats they are so often called. Instead, this is a generation with strict principles that they will and have stood by even in challenging conditions. Millennials do not view SRI or working for a brand-new start up as high-risk. They see these as necessary decisions that work towards building a future world they want to live and work in.
Tancredi Cordero, CEO of Kuros Associates