Demand for advice jumps from younger clients
Financial advisory group deVere has seen a 54% rise in enquiries from investors aged under-30.
The 54% year-on-year jump was attributed to the risks created by the pandemic as many considered their health and future financial security.
The firm said this ‘debunked’ the myth that younger people were disinterested in their finances.
Nigel Green, deVere chief executive, said: “[The pandemic] has brought into all-too-real focus how things can quickly change, how important it is to have a back-up/emergency plan, and value more than ever what really matters to them. For most, this includes ensuring that they can enjoy the opportunities and lifestyle that they desire.
“Perhaps more than ever, the under 30s are showing a desire to be financially resilient and put their long-term financial goals at the heart of their decision-making process,” he said.
It also created new areas to explore for financial advisers as younger clients had different demands to those who were older.
“Perhaps unsurprisingly, more than other generations, the under 30s – who are ‘digital natives’ having grown up under the ubiquitous influence of the internet and other technologies – demand digital solutions such as fintech apps alongside their personalised financial advice,” Green said.
“Our advisers say that, typically, younger people want to use their savings and their investments not only to improve their own lifestyles but for the betterment of their communities and the environments. Having more control over their financial affairs is a critical part of their wider activism on issues such as human rights and climate change.”
AUTHOR
Laura Dew
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