Millennials want financial advice: Natixis IMBY CHLOE WALKER | THURSDAY, 5 MAY 2022 12:12PMNatixis Investment Managers has revealed the five common financial misconceptions about millennials in its recent Five Financial Truths about Millennials at 40 report. The global survey of nearly 2500 individual investors between the ages of 25 and 40, with minimum investable assets of $100,000, found millennials are far more likely to work with a financial professional than rely on a robo-adviser to manage their investments. According to the report, 59% of millennials have a professional financial adviser. This compares to Generation X on 56% and baby boomers on 48%. Their main reason for engaging one is to reach their financial goals, including retiring at 60, 82% of respondents said. The research says most millennials are actively saving for their retirement too, with the average investor putting away 17% of their income for this reason. In terms of expectations, after seeing markets outperform in 2020 and 2021, millennials anticipate more of the same and expect their investments to deliver 16.3% above inflation over the long term. It also stated that despite most saying they are willing take risks to get ahead, 72% of millennials would choose safety over performance when it comes to their investments. Natixis IM managing director and country head Australia and New Zealand Louise Watson said the survey demonstrates the unique behavioural finance of millennials and the importance of developing a value proposition that is tailored to their needs. "There are some great signs of good financial habits such as seeking financial advice, respecting risk and expecting their wealth can make a positive impact on the world," Watson said. "These attributes in Australian millennials will not only shape their investment experience, but also generations to come as their habits shape our approach to climate change, the pursuit of responsible investing and the desire to invest in infrastructure in a way that creates meaningful change." Dave Goodsell, executive director of Natixis' Centre for Investor Insight added: "Millennials get a bad rap, often being cited as not being financially responsible by favouring frivolous spending over saving. "Millennials have high expectations, but they also are proactive when it comes to financial planning and are no longer the young twenty-somethings they're often thought to be," he said. Related News |
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