Beware Investment Managers! This infographic from Visual Capitalist has some interesting observations on Millennials on Investing, Debt, and Banking. Here are a few of the highlights from the accompanying text:
- Millennial student debt is at sky-high levels
- 60% distrust financial markets and tend to hold their savings in cash
- 87% of Millennials feel empowered to make investing decisions on their own – Take note investment managers (good for robo-advisers?)
- 40% of Millennials would use cards for all transactions
- 49% would consider using financial services from tech companies like Google or Facebook
Although this is US data I am sure it is equally relevant to the UK and Europe, perhaps with a few years time lag. Add to this the amount of innovation that there is going on in the FinTech world and change is on the way!
