Millennial investors dabbling in the market for the first time are embracing robo-investment tools globally but Australians still seem to lag as locals remain a little leery about the financial services sector as a whole.

According to Recep III Peker of research house Investment Trends, the growth in robo-advice products has contributed to a spike in investing globally during the COVID-19 pandemic as people are attracted to low fees (in some cases zero) and to the knowledge that technology tools allow for investing in smaller amounts.