Ten things advisers should know about millennials
By International Adviser, 20 Apr 16
Millennials represent the biggest shift in consumer preferences and behaviour ever seen in a single generation. Stephen Wynne-Jones, head of marketing at Cofunds, discusses 10 characteristics advisers need to know about these 20-30 somethings.
6. They badly underestimate what they will need for retirement
In one global survey, half of millennial respondents estimated they’d need a pot of three to five times their final salary to fund a comfortable retirement[1] – less than half the 10 times final salary widely considered sufficient.
Ninety percent of UK millennials say they want providers to tell them the truth about their retirement prospects and not sugar-coat it[2] – so negative messaging may actually work with this group.
