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December 08, 2014

Millennials Seen as Boon for Socially Responsible Investing

Members of the millennial generation—the 80 million-plus Americans born in the 1980s and '90s—are helping drive huge growth in investment funds that steer money into companies that embrace social and environmental goals, according to the Los Angeles Times. By some estimates, socially conscious investments reached $6.6-trillion this year, up from $3.7-trillion in 2012 and $2.3-trillion in 2001.

Leading firms in the sector foresee even greater growth as young investors set to inherit trillions of dollars enter the financial markets, potentially ushering in an era of "caring capitalism" that backs businesses pursuing clean energy, poverty relief, and other social aims. "The millennial generation believes what we believe," said Bennett Freeman, a senior vice president at Calvert Investments, which promotes socially responsible investing.