Many millennials are cautious about making investments in stocks, and many distrust Wall Street all together. Those who are investing are putting their money into companies and industries they care about or are interested in.

Fox Business reports millennials want to know their money is going to something they support or are familiar with when investing.

Exchange Traded Funds Based on Interests

With exchange traded funds (ETFs), millennials are able to invest in industries that they support, like the U.S. military or companies that are considered green.

Millennials heavily favor an app called Stash, which suggests ETFs based on users' opinions and feelings. If a user says he or she supports green companies, Stash might suggest the "Clean and Green" ETF. Similarly, if a user says she supports the U.S. military, Stash would suggest the "Defending America" ETF.

"[Millennials] like the idea of investing in what matters to them," said David Ronick, CEO and co-founder of Stash.

Robo-Investing

Millennials are also comfortable with robo-investing and investing on-the-go. Through bobo-investing, an investor trusts a computer to invest for her, rather than an in-person adviser. Millennials are signing up for investment services that automatically invest in funds based on survey answers completed when they open accounts. Additionally, millennials want their investment services to be available on mobile devices.

So, what should millennials be investing in this year?

Tech Stocks

Digital technology is something all millennials grew up with. They saw computers in classrooms, the rise of the Internet and much more in their lifetimes. Companies like Facebook (FB), Netflix (NFLX), Alphabet (Google's parent company) (GOOGL), Apple (AAPL), and Microsoft (MSFT) are all good choices for 2016.

Alternative Energy Stocks

Millennials are concerned about climate change. Following the Paris climate talks, ownership in the "Clean and Green" ETF jumped by 33 percent on Stash. Companies that offer sustainable energy sources like wind and solar are important to the future of the country, and millennials concerned about climate change should be investing in these stocks. SunPower (SPWR), First Solar (FSLR) and Vestas Wind Systems (VWS) are three alternative energy stocks to look at this year.

Banks and Financials

Millennials often have negative attitudes about banks, but these are stocks they should not avoid. Bank stocks, like Bank of America (BAC) and Citigroup (C), are some of the best performing financial stocks. They are widely owned by most investors and recommended by most brokerages.

Emerging Markets

It is important to have a global view when investing. Companies out of countries like China, India and Brazil are making their presence known in the stock market. Chinese e-commerce website Alibaba (BABA) is a great stock to have in 2016.

Stores They Shop and Eat At

Millennials are most comfortable investing in companies they are familiar with and that they go to themselves. Whole Foods (WFM) is a popular grocery store for millennials, and it has a slow, but steady rate of growth. Chipotle Mexican Grill (CMG) is a popular dining spot for millennials, and, despite its recent controversy with food-related illnesses, the company continues to grow. With its sinking share price, it is a good time to purchase Chipotle stock. Buffalo Wild Wings (BWLD) is another great company to invest in for 2016.

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