The standard advice from financial advisors to 20-somethings is to invest as much as they can in stocks—regardless of periodic market swings, however wild, like those seen over the past few days—and watch long-term compounding do its magic for the next 40-plus years.
But millennials, the 80-million-strong generation born between 1980 and 2000, don't seem to be getting the message. A slew of surveys show that these young 'uns aren't putting much faith in the stock market. Bankrate's Money Pulse survey from April, for example, shows that just 26 percent of people under age 30 own stocks. An earlier Bankrate survey revealed that young people prefer cash as the best way to hold the money they need for the long term.