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September 16, 2014 at 07:21 AM
Millennials want very little – if any – part of the financial services industry. They don’t want companies connecting with them via social media and are more than twice as likely to ask parents for financial advice than they are to ask banks.
A new study by BNY Mellon and a team of undergraduates from Said Business School, University of Oxford, The Generation Game: Savings for the New Millennial, looked at millennials’ (born after 1980) saving priorities, how they regarded retirement planning, and how they feel about different kinds of financial institutions.
While the results varied from country to country — the study spanned Australia, Brazil, China, Japan, the Netherlands, the U.K. and the U.S. — the results were striking.
Although millennials will have to make up for the loss of retirement provisions from both public and private employers and put more money away for a longer time than their parents, 49 percent of them don’t understand how pensions work.
That should provide an opportunity for financial institutions to step in with explanations, but millennials are not inclined to listen. Less than one percent of millennials want financial services providers to connect with them via social media.
