Gen Z’s keen on financial advice
The 18 to 24-year-old generation are looking to save rather than ‘live in the moment’, according to GlobalData.
Over 60 per cent of Generation Z were focused on saving and just under 50 per cent were keen to receive expert advice, according to GlobalData.
The data and analytics firm said increasing education costs, the scarcity of well-paying jobs, greater job insecurity and higher property prices had led 18 to 24-year-olds to pay more attention to their long-term financial security.
GlobalData finance analyst, Sean Harrison, said banks should look to cater to provide financial advice to Generation Z and said the banks needed to promote savings tools instead of offering credit cards.
The firm also found another 60% preferred traditional banking services over the convenience and speed of digital services and banks that looked to offer innovative digital products and services based on consumer data needed to ensure its data-sharing communications were clear.
‘’One of the reasons for this is Generation Z’s very real concern over online security and privacy with 73 per cent of our respondents stating that these factors are more important to them than convenience and speed,” Harrison said.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
