Investire | July 2024
They were born between 1990 and 2000 between generation Y – the so-called millennials (1981-1990) – and generation Z, the last generation to be surveyed including also fourteen-year-olds (1997-2010), they are between 34 and 24 years.
They are on average more educated than their parents, they have not experienced the phenomenon of the economic boom nor the anxiety of success at all costs that has affected the generation of the so-called yuppies.
They are obviously digital natives, but moreover, each of them has their own personal broadcaster, often more than one as many as the social profiles on which they communicate to the world.
They have a much more detached relationship with work than those who preceded them: first of all they do not embrace the company like their ancestors who spent on average from 30 years (Silent generation 1925-45) to 17 years (boomers 1945-1964) in the same reality.
The goal of having a career to earn money which was shared by 75% of their parents is worth less than 50% for them, while they give much more importance to autonomy and independence – 39% compared to 20% of their grandparents – as well as to the work/private life balance which is worth 17% compared to a paltry 5% of their ancestors.
It is clear that all this has a very significant impact on the relationship that 20–30-year-olds have with money, investments and financial advice.
The function of money is more instrumental and aimed at purchasing objects, managing free time – sports and travel – than saving in case of need which was the mantra of those who preceded them.
For them, the bank is one of the many apps on the smart phone (89%), in investments they are on average more inclined to risk than their parents are (+17%) and on average they have a longer time horizon (66% over 5 years).
They are attracted to online trading (75%), but when investing their money, they would ask friends and acquaintances for advice (67%), professionals and consultants (59%) and would obtain information on the Internet (43%).
The essence of this generation lies in this apparent contradiction between a higher propensity for do-it-yourself through an online trading platform and an equal valorization of the figure of the financial advisor or in any case of the expert: the desire to be the protagonist of one’s own choices but also request for consultant support.
But what is the profile of the ideal consultant to rely on for a 20–30-year-old? Let’s start with age which is not a fundamental prerequisite, even if a 55–60-year-old consultant is considered too “elderly”, therefore a professional between 35 and 40 years old is better, which makes the growth of the presence of young people more necessary than ever consultants.
For 42% of young potential customers, it is better if a man, for 39% a woman, for the remaining 19% it is indifferent. Which highlights the opportunity to increase the percentage of female consultants (today under 20%).
Unanimous consensus on the need for the consultant to use clear, effective language and master both the banks and individual digital tools, especially to communicate when it is not strictly necessary to meet.
Modern consultancy, based on the value of the professional – even remotely – with great use of digital channels and platforms, therefore seems to be the secret to conquering those 300 billion that the luckiest among these young men and women will inherit in the next 10 years.
Nicola Ronchetti