Decoding The Millennial Mindset

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.