Research reveals financial planning trends of millennials
Research from global asset management firm Legg Mason has revealed the financial planning trends of UK millennials, with smartphones being found to be the most popular way of engaging with financial services.
The Global Investment Survey found that over 90 per cent of millennials aged between 18 and 35 use a smartphone to access the internet, compared to 52 per cent of those aged between 53 and 71. However, just 16 per cent of respondents were found to be in favour of technology-led financial planning.
The study surveyed 15,300 people worldwide and found that 46 per cent of millennials in the UK would like to use their smartphone to do all of their financial planning, the highest percentage in Europe. This method was less popular with older UK respondents, with just 13 per cent wanting to use a smartphone to do their financial planning.
Globally, 47 per cent of millennials would like to do all of their financial planning on a smartphone, compared to 22 per cent of 53 to 71-year-olds.
The survey comes after research from Dunstan Thomas found that millennials are adopting new technologies, with almost half saying that they use banking apps on their smartphone.
Legg Mason Head of Distribution for Europe and the Americas, Justin Ede, commented: “Millennials are increasingly tech-savvy and this is seeping into every element of their lives, including the way they approach even complex financial needs.”
He added that services that have traditionally been delivered face to face are becoming automated, and the use of smartphones for financial planning is another step in that direction.