Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Guardian Study Reveals Millennials Want More Access to Advisors and Value Financial Planning as Much as a Bonus

Guardian Study Reveals Millennials Want More Access to Advisors and Value Financial Planning as Much as a Bonus

It’s easy to pigeon-hole the millennial generation into a digital box where every human interaction, every question and every answer or solution is transacted via a screen. As it relates to the world of financial planning, putting this cohort into that box would be a big mistake. New research conducted by The Guardian Life Insurance Company of America® (Guardian) reveals a more complex view of millennials as it relates to financial planning habits and preferences, potentially debunking certain myths, and revealing a generation more like their predecessors than some would have imagined.

The study, Millennials and Money: Understanding What Drives Financial Confidence, reveals that millennials are open to learning about financial strategies more so than predicted, as nearly 75 percent say they would attend an in-person financial seminar, compared to 69 percent of generation X and 62 percent of baby boomers.

What’s more, 87 percent of millennials say knowing more about financial services and products would contribute to improving their confidence in reaching their financial goals, and nearly 100 percent of millennials who report they have a financial plan and are on track to meet their financial goals say knowing more about financial products and services would help their confidence.

A Generation Receptive to Advice
This generation is not only open to learning about financial services, but they also emphasize the importance of working with financial advisors. Millennials are more likely than any other generation to say that having a financial advisor they trust is important to their financial confidence (83 percent). In fact, they seek expert input on both offensive and defensive financial tactics; while millennials are interested in talking to their advisors about investments and growth, they prioritize protection planning, as they are equally as concerned with protecting themselves and their families with insurance as generation X and baby boomers—even if it means putting off saving and investing for short term gains. Furthermore, more than three-fourths (76 percent) of millennials say it’s important that their financial advisor stay on top of the latest protection and insurance trends.

“We’re seeing a willingness among millennials to increase their financial acumen and work with advisors, to grow and protect their wealth,” said Christopher Dyrhaug, Head of Individual Markets at Guardian. “Millennials value education and have a preference to learn in a group setting. While technology may be a facilitator, there is still an appetite for in-person learning and engagement to reach financial confidence.”
When it comes to keeping in touch with their financial advisors, millennials (45 percent) are more interested in having face-to-face meetings with an advisor than other generations (37 percent), and surprisingly, texting and social media trail far behind. Compared to other generations, millennials also lean heavily on using online financial tools, with 35 percent saying they exclusively use online tools for financial planning, compared to 27 percent of generation Xers and 21 percent of baby boomers.

Overall, millennials see financial advisors as a source of sound financial advice and as a partner who can help them achieve their short and long-term financial objectives. In fact, one in three millennials who don’t utilize a financial advisor say they are likely to begin using one in the next year, making them the most likely group to begin engaging with a financial advisor compared to unadvised workers in other generations.
Value in Thoughtful Financial Planning

Though often perceived as a generation looking for instant-gratification, millennials understand the value of careful financial planning. Nearly 90 percent of millennials say having a detailed financial plan that spells out exactly how they’ll meet their financial objectives would improve their confidence in achieving those objectives. When it comes to overall financial confidence, millennials say having a detailed financial plan is equally as important to them as getting a raise. More than half (62 percent) of millennials also say that getting financial advice from their employer would increase their financial confidence. However, across all major priorities, millennials show less confidence in achieving their objectives than other generations, leaving much room for improvement, and for guidance, from a professional partner.

“Our data shows millennials really do value financial planning, just as much, if not more, than a bonus at work and other life priorities, like career growth,” said Dyrhaug. “That provides a revealing look into their mindset as related to financial confidence and how advisors can provide guidance.”

For more information about Guardian or to view a copy of the study, please visit https://www.guardianlife.com/insights-and-resources.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post