A recent study from the Victims of Communism Memorial Foundation found that over half of Millennials surveyed would prefer to live in a socialist (44%) or communist (7%) system than a capitalist society.
Don’t let the name of the study fool you. The Millennial affinity for socialism is real.
- A 2016 Gallup poll found that 57% of Millennials have a positive perception of socialism.
- Another 2016 poll, this time from Harvard, found that 51% of Millennials don’t like capitalism!
Over 2 million Americans under the age of 30 voted for self-labeled “Democratic Socialist” Bernie Sanders.
Wait; it gets worse. A surprising 22% of those surveyed had favorable views of Karl Marx, and 13% viewed Joseph Stalin and Kim Jong-un as “heroes.”
Interestingly, when pressed, most Millennials could not cogently describe socialism. “Seven in 10 Millennials either don’t know the definition or misidentify it,” said Marion Smith, the Executive Director of the Victims of Communism Memorial Foundation.
Heck, I was even surprised that 26% of my fellow baby boomers would like to live under socialism. Hey, I like free stuff as much as the next guy, but come on. Someone has to pay for it!
There are undoubtedly several forces at work. But I think the root of the socialist love-fest is the Millennial perception that the U.S. economy is rigged against them. In fact, 63% of those dear, poor snowflakes who were surveyed said as much.
The problem is that Millennials don’t know much about capitalism. And the little that they do know is wrong. That’s what happens to young minds when they get their information from TV shows, Hollywood movies and ULTRA-liberal college professors.
Of course, my parents said the same about my Woodstock baby boom generation. The United States of America has survived roughly 12 new generations since we declared independence from Great Britain. And I am confident that it will survive the handout-seeking Millennial generation, too.
However, the Millennial generation invests very differently than we do. And you’d be wise to pay attention to what they do with their money, because doing so will help you discover new profit opportunities.
I’m talking about things like bitcoin and other digital assets, peer-to-peer lending (Lending Club, Prosper, Funding Circle and Upstart), robo-advisers, green energy, socially responsible investing, and especially their intense love affair with technology and tech stocks.
Talk to any Millennial (with a job) and ask them what type of technology they use the most. For most, the answer is iPhones (Apple), Facebook, Netflix, Twitter, Amazon and Google.
And that happens to be a great list of stocks to keep on your radar screen for the next time they go on sale.
The AdvisorShares New Tech and Media ETF (FNG) was trading at $22.00 per share on Wednesday morning, down $0.05 (-0.23%). Year-to-date, FNG has gained 7.00%, versus a 22.00% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Money And Markets.