A recent Voth Nixon Group study has found that millennials rely heavily on their personal connections for financial guidance, with adults between the ages of 20 to 35 being more prone than others to involve their parents, extended family and other trusted acquaintances in their pursuit for advice. A third of the respondents also include their life partners in assisting with managing their finances.
The survey was conducted by Voth Nixon Group’s research team and polled approximately 2,000 individuals globally in order to evaluate their outlooks, inclinations and attitudes towards receiving financial advice.
Millennials are dynamically planning out their financial future and out of those that have solicited advice in the past 68% have shown an interest in handling a budget, 62% are setting funds aside for education and 57% are struggling to manage their student loans or tuition fees.
For millennials financial advice isn’t just about the main topics of discussion but also about the delivery method with the vast majority (54%) replying that they prefer to take advice in a face-to-face scenario rather than seeking it online. Three-quarters of the respondents have also said that it would be more beneficial to receive advice tailored to their particular age group and that they are more open to using alternative channels of advice (such as online calculators) than other age groups.
“In this day and age it’s vital for millennials to have access to multiple sources for financial advice, and while this might represent a challenge for financial consultants and managers it also gives them the opportunity to engage millennials and discuss financial matters in an easier and more efficient manner” stated Carl Zayn, Senior Development and Strategy Manager at Voth Nixon Group.
The study also revealed that individuals who are actively searching for advice and guidance are interested in securing their financial future and tend to make positive changes more often than others. In this respect millennials are much more inclined to keep track of and change their spending habits as opposed to the general populace and are also more likely to increase their monthly savings.
As millennials gather advice from their parents they might also be learning from their past experiences and attempt to find financial stability at an earlier age. Only 48% of individuals aged 50 to 65 have stated that they are optimistic regarding their financial outlook and would encourage their offspring to be more active in securing a financially stable future than they have been in the past.
“Millennials have a pretty good grasp on how to use financial guidance to their advantage and are actively searching for ways to ensure their well-being at an earlier age in order to prepare for retirement” concluded Mr. Carl Zayn.
About Voth Nixon Group
VOTH NIXON GROUP is a global asset administration group, managing capital for both institutional and retail investors across the world. Our aim is to provide solid fund performance across various asset types in which we know we have a viable competitive edge. At VOTH NIXON GROUP your goals are important to us. We understand the financial challenges that make it difficult to achieve your targets, and we’re qualified to provide the assistance you need. We believe your financial progress, regardless of your present situation or economic condition is achievable.
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