Young Money: How Millennials are Changing Financial Services
Generation Y, also known as Millennials, are changing everything we know about conducting business. This group of young professionals are taking the corporate world by storm and outnumbering the Baby Boomers in the process. They are a group that has grown up in a purely digital age and are more focused on work/life balance than becoming company men and women.
Not only is there a big difference in the way they approach business, there is also a change in the way they approach money. Let’s take a look at the way millennials are changing the face of financial services.
- Not loyal for life. Even Generation X tends to choose a financial advisor and stick with them long term. Millennials are changing the game and fewer than half believe they will stay with their current financial advisor for the long term. 48% say they are willing to change companies for better products and services.
- Social networking savvy. Another big change for the millennial generation is the reliance on social networks for their decision making processes. This is a group that has always been tapped into the hive mind of social branding and are willing to make consumer choices based on information they gain from their networks. Financial companies will have to tap into this to become the go-to resource for Gen-Y.
- Decision makers. Another big change that the financial services industry will see is that millennials are far more comfortable making financial choices on their own than even Generation X. Nearly 50% of millennials were comfortable doing their own research and making financial choices for their future. Only 5% of the millennials surveyed said they would be more likely to use a financial service to help them make these decisions.
Do you think these changes in the way millennials approach financial services could affect your career in finance? Contact VincentBenjamin to learn more about positions in Phoenix, Denver, Los Angeles, and Orange County.