GREENFIELD, Mass. (WWLP) – Monday’s stock market plunge comes after concerns about the Chinese economy slowing down, affecting markets around the world.
However, some young people told 22News, they didn’t feel any personal impact from the faltering global markets. “I mean, I don’t feel that it affects me directly. I don’t really understand the stock market,” said Jordan Parks of Harpswell, ME.
Although many young adults told 22News they’re not really concerned about the stock market plummeting, one person did say he’s slightly concerned about his 401K. “You know, my 401K right now, it’s a small balance, it’s not much of anything. However, one day I’m going to probably have another job where I have my 401K which is going to transfer. In general, I want to be able to save up for retirement so that’s a possibility,” said Justin Odgers of Florence.
A tanking stock market serves as a reminder on how we’re connected to the global economy. Hannah Davidson of Easthampton said, “I have some friends who have some stocks and bonds that were given to them by family and friends and for them it might have more of an effect because they might be people who are regularly watching the markets and looking at what’s going to be happening in the coming months.”
As these young adults grow older and they get more involved in their retirement plans, they will likely pay closer attention to the stock market. The key to minimizing the impact of a volatile market is to diversify your investments, and learn as much as you can about the financial markets.