Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Millennials confident with cash but not insurance

financial-planning/Matt-Lippiatt/Millennials/MetLife/insurance/employment/

image
image image
expand image

The majority of millennials (those aged 18 to 39) feel confident about their financial future, but aren’t prepared for the possibility of unemployment due to injury or illness, and advisers stand to benefit, according to MetLife’s 2018 Adviser-Client Relationship Report.

Millennials were found to be the least prepared for the possibility of being unable to work compared with other age groups, with only one in five millennials without an adviser having seriously thought about, compared with one in three of their advised peers.

What’s more, around 63 per cent of non-advised millennials, and 54 per cent of advised millennials, could only maintain their current lifestyle for a maximum of six months should they suffer illness or injury.

Matt Lippiatt, MetLife’s head of retail sales, said millennials had a number of competing financial priorities like reducing education debt, paying rent and starting a family, and many are struggling to make the connection to insurance, and advisers stand to benefit.

“Our research shows a clear opportunity for financial advisers to have deeper conversations with younger clients about their life goals and insurance needs and we know from our research, that millennial consumers want to hear regularly from their adviser too,” Lippiatt said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 weeks 5 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

3 weeks 5 days ago

So we are now underwriting criminal scams?...

6 months 3 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

3 weeks ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

3 weeks 4 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

6 days 15 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND