Millennials Have Traditionally Been The Key Financial Decision-Makers. But, Do They Still Matter?
Are millennials worth the hype given to them by the media? Isn’t that what keeps bothering industry moguls and experts across the globe? Come to think of it, people born between 1980 and 1995 have been regarded as key players as far as global economic decisions are concerned. Across industry verticals, it’s traditionally been impossible to neglect the millennials over the years.
In fact, according to Forbes, by the year 2030, millennials are predicted to become five times wealthier than they are today. With that info under the belt, anybody that neglects these people is doing so at his peril!
Through this post, let’s try to understand why this set of people has influenced the global economy so much.
Financial Advice Source – The Bank or Parents?
Millennials are eager to learn so that they can secure a financially stable future. According to a study, Millenials continuously complain of financial institutions not presenting enough beneficial avenues. They do with things like budgeting, home buying, health saving accounts, savings for children’s education, and so many more. Moreover, most millennials build on the knowledge, experience, and relationships their parents had. That’s insanely clever! In times like today, where even the newest strategies fail, tried-and-tested theories around financing work like a charm.
According to investment gurus, this is the time when financial institutes should wake up from their slumber and provide for these people. They should start walking the path of leveraging relationships with millennials to maintain their edge over the markets.
That’s all good, but what about Professional Wealth Management?
Every coin has two sides, and the financial management mantras followed by millennials are no different.
As much as these people try to develop things and make money, it’s a sorry case as they lack the foundation. Most of them wallow in rivers of debts. Do you know why? It’s because they don’t have good relationships with financial advisors. The primary reason for this is that some think hiring an advisor will cost them more money than necessary. They don’t know that that’s not how it works anymore.
Experts say this is where most financial institutions get it wrong. They want the millennials to come to them, and likewise, the millennials don’t consider them. But if the mountain won’t come to Muhammad, then Muhammad must go to the mountain. Institutions need to break down the barrier. They need to revisit their marketing strategy and cater to millennials since this group is still the most critical market they will cater for another decade.
The bottom line
As much as people want to be rich, they won’t bloom if their economic environment isn’t supportive. This is a fertile land for financial institutions. They should buckle up and sow into the millennials’ lives, and they won’t regret it.
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