Millennials would rather buy an iPhone than trust a banker. Smart!
Young adults remain an untapped market for retirement and financial advisers, according to a recent Mintel report.
According to the study, 69% of Generation Y workers who are eligible for a 401(k) retirement plan are not enrolled. Millennials refers to those who are currently ages 14 to 31.
“Today’s young adults will likely need to rely more on individual savings for retirement than their older counterparts,” said Susan Menke, senior analyst at Mintel, in a statement. “But so far, they aren’t preparing to do so.”
Currently, Millennials makes up just 5% of financial advisers’ client base, while they form 21% of the US population. Though they do not have much disposable income now, opportunities are being missed to engage and retain this group as they grow older and wealthier.
Members of this demographic are highly engaged online, making the Internet a prime place to reach them.