| Millennials grow up Our feature this week is a study from Natixis IM, based on US millennials and offering fascinating insights. Their goals are to retire at 59 and they want to achieve those goals using financial advice, the study says.
They are diligent savers, putting aside 19 per cent of their income for retirement, on average and the report found that they have worked to accumulate considerable wealth so far, the source of which 36 per cent attribute to business ownership or self-employment income and 42 per cent say comes from investing. Just 12 per cent cite receipt of an inheritance or family money as a source of their wealth.
"Millennials have high expectations, but they also are proactive when it comes to planning," says Dave Goodsell, Executive Director of the Natixis Center for Investor Insight. "This generation has enjoyed a long bull market with low interest rates and little inflation for
much of their adult lives. They also saw how 9/11, the tech bubble, and the global financial crisis crushed many in their parents’ generation. They’ve known what loss looks like and want to protect their interests as they see risks rise and their finances grow more complex. The good news is that Millennials not only recognise the value of advice, but they trust their financial advisers almost as much as they trust themselves."
Another study this week, this time from wealth manager and private bank Coutts, focused on the UK’s millionaires, revealing that they were more keen on sorting their recycling appropriately than making changes in their investment portfolios.
The study quoted Richard Curtis, film maker and activist, whose Make My Money Matter campaign has developed a strong following over the last few years. "The UK pension pot is worth USD2.7 trillion. The biggest thing people can do to make a positive change is to check their pension
is ethically and sustainably invested. It's a hugely effective way of executing change – and it’s miraculously 21 times more effective than giving up meat, giving up flying and changing energy provider."
Beverly Chandler, managing editor, Wealth Adviser
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