Monday, 18 May 2020 09:01
63% of Millennials interested in financial advice
More than 60% of Millennials say they are interested in taking some form of financial advice since the arrival of the pandemic.
A survey for wealth manager and Financial Planner Quilter also found that 22% of 18-30 year-olds say they would consider seeing a financial adviser.
Millennials appear to be the group most interested in taking financial advice with 63% responding positively in the survey compared to only 30.97% of 45-60 year-olds.
A survey of 1,000 UK adults carried out at the end of April found that 18-30 year olds were also the most likely to be saving more money since the pandemic began with 48% saying they had saved more. In contrast, only 14.1% of 45-60 year-olds had saved more.
Overall just over 26% of people said they planned to save more or had started saving.
Rachael Griffin, tax and Financial Planning expert at Quilter, said: “It is incredibly encouraging to see that people in all age groups are finding ways to put more aside each month. Severe low savings and weak financial resilience has been an unfortunate norm in the UK.”
Q. What, if anything have you done in terms of your finances because of Coronavirus?
|
|
Total |
age |
||||
|
18-30 |
30-45 |
45-60 |
60-75 |
75+ |
||
|
Cash savings: I am saving more money/started saving |
26.11% |
47.87% |
30.97% |
14.1% |
11.88% |
15% |
Source: Quilter Survey
Q. Following the lockdown would you ever consider getting financial advice?
|
|
Total |
age |
||||
|
18-30 |
30-45 |
45-60 |
60-75 |
75+ |
||
|
Yes I would |
37.44% |
63.83% |
46.02% |
37.18% |
10.89% |
0% |
|
No I would not |
28.82% |
7.45% |
20.35% |
21.79% |
55.45% |
70% |
|
Not sure |
33.74% |
28.72% |
33.63% |
41.03% |
33.66% |
30% |
Source: Quilter Survey
• Survey conducted by Toluna on behalf of Quilter between 27-30 April 2020 with 1014 UK adults.
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