There is this popular saying: "no risk, no gain". However, millennials are not on board with this notion when it comes to stock market trading.

Regardless of their high income, affluent millennials aged 23 to 38 with higher-than-average household incomes are unexpectedly hesitant to enter the stock market, according to Investopedia's Affluent Millennial Investing Survey.

The survey shows that nearly 40 percent of this group believes investing is "risky", with nearly a quarter believing it is "overwhelming". Despite the fact that half of the 1,405 respondents think they will be compelled to work until retirement age, virtually all believe their personal or family financial situation will strengthen over the next decade.

Lack of investment awareness

Anxiety about stocks and a lack of investing understanding are important factors driving the investment fears of those polled in the survey, notwithstanding their median income of $132,000 (Rp 1.90 billion). According to the Pew Research Center, the median HHI for millennials overall is $69,000 (Rp 993.65 million).

Furthermore, the survey shows that less than half of affluent millennials are confident in investing and planning retirement. In addition, only 37 percent of affluent millennials are informed of investment.

How financial consultants are involved

In such an unpredictable market, it's no surprise that many millennials with enough capital pursue professional guidance. About 43 percent of affluent millennials polled indicated they employ a financial consultant, while those who deem themselves informed about investment are more than twice as likely as their less informed friends to have a financial advisor.

Interestingly, 27 percent of those with financial advisors stated their investments performed exceptionally well, which is double the share of affluent millennials who did not use financial advisors who said their assets performed strongly.

Although this desire to consult with advisors, others show a degree of skepticism. While financial advisors are the go-to source due to their special knowledge for some millennials, these advisors still need to gain their trust, and they tend to pose a long list of questions to evaluate their understanding.

Early financial awareness contributes significantly to the development of investment optimism

How affluent millennials perceive spending money typically mirrors how well their parents managed theirs. Only 9 percent of those who claimed their parents were competent at financial management indicated they are "very anxious" about maintaining their own money as adults, opposed to 24 percent of those who said their parents were otherwise.

As per the survey, financial education proves to be a vital key in investing, as indicated by those who learned about investing as a teenager feeling competent enough to invest as an adult. Furthermore, witnessing their parents manage their finances also impacted their approach as adults.

Even if they aren't bothered about their money, affluent millennials should set aside some for a retirement account, as 12 percent of respondents claimed they don't. Meanwhile, those who already invest should increase their retirement savings. The time worth of money and compounding show how investing more early in life may add significant amounts of money over the course of a lifetime.

As they have more time and money to work with, affluent millennials may afford to take more measured risks in the hopes of generating larger returns.

Ultimately, consulting with a financial professional can help to reduce financial concerns. Involving them in investment journeys can boost investing performance, and having expert input can help avoid mistakes and lost chances.