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White Paper

Decoding The Millennial Mindset

Surprising insights and opportunities focused on the wealth industry’s next-gen client.

 Decoding the Millennial Mindset

Surpassing the baby boomer generation in size, power and scope, millennials – the cohort representing the 83 million born between 1977 and 1995 – are just now assuming their role in history. While many studies have focused on the preferences of millennials, they remain an enigma. Having embraced the importance of planning and collaboration in their own lives – millennials were even the first generation of children to keep their own schedules – they have yet to apply similar sound principles to managing their money.

To separate the myths from the facts about millennial preferences, Broadridge and The Center for Generational Kinectics set out to examine their views of retirement, investing, financial advice and communications in a new national study.

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Broadridge and The Center for Generational Kinetics (CGK) tested conventional assumptions about the wealth advice preferences of today’s most dominant cohort: Millennials. We surveyed 1,003 respondents between the ages of 22 and 59 to learn more about their attitudes toward investing, saving for retirement, working with advisors and receiving communications.

Some of our key findings include:

  • 69 percent of millennials currently do not have or use a financial advisor
  • Millennials are more confident investing in a savings account (66 percent) than a workplace retirement plan (58 percent) 
  • Two-thirds of millennials are not currently investing in HSAs but over half of millennials are interested in HSAs
  • Across generations, experience is the #1 most important attribute of a financial advisor
  • 69 percent of millennials would prefer to receive updates from a financial advisor daily, weekly or monthly
  • 55 percent of millennials would consider using their parents’ financial advisor – but only 20 percent have actually met their parents’ advisor

The good news – and the opportunity to connect with this next-gen client – is that millennials need guidance and are open to communications. But if you don’t reach out, they are likely to go to their family and friends for advice instead. Want more insights? Take deeper dive into the results of our study.

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