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.