Millennials are Conservative, Wary Investors
Posted On February 14, 2013
Millennial investors are more conservative and less trusting than other generations of investors, according to a recent Accenture survey. 43% describe themselves as conservative and say they prefer (27%) the “tried and true” compared to 31% and 19% of Boomers, respectively.
Millennials are also much more likely to consult other sources and not rely solely on the advice of a financial professional (28% vs. 7% of Boomers). 44% of Millennials say they do a lot of independent research before deciding to buy or sell.
The good news for financial advisors: over 40% of Millennials say they are determined to build wealth and leave a legacy and that they want to better understand investing options, more so than other generations.
They are also digitally savvy and learning how to reach them online could pay dividends across the board: “The behaviors and attitudes of Millennials are not just a matter of long-term strategy for wealth managers; they are a leading indicator of the need for change today,” said an Accenture exec. ” The explosion of digital and social channels in everyday life is simultaneously spilling into consumers’ relationships with their financial institutions. With half of all baby-boom investors currently active in social media and a vast majority active online, the innovations that will capture the millennial generation also will help capture the most coveted demographics among Gen Xers and baby boomers.”
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