Guardian recently released a survey on what the millennial generation think about how to plan for their financial future, and some of the results can provide banks with guidance as to how best to service the next generation of customers. First, 87 percent of the people surveyed claim that if they knew more about financial services, they would be more confident to invest. More importantly, 83 percent agreed that having a financial advisor is important for their confidence and ability to make decisions. The survey concludes that in actuality, members of the millennial generation are just as concerned about the future as the generations before them, and they are just as willing to learn from a trusted source.
However, there is a catch. The participants in the survey expressed a greater desire to learn in a group setting rather with one on one communication. This has some implications as to how banks should communicate with their young, up and coming clients. Informal events with inclusive and low pressure training and information focus is a good way to ease into relationships with this generation before going for the one on one meeting. It may take a step or two more in order to gain their trust, but the good news is that they do not think they can do everything themselves and contrary to stereotypes, they are not looking for short cuts.
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