Millennials do it differently

funds-management/Legg-Mason/Millennials/baby-boomers/ESG/

5 December 2018
| By Anastasia Santoreneos |
image
image image
expand image

Millennials are leading the pack when it comes to getting advice, diversifying their portfolios and going green, according to a new Legg Mason survey.

Contrary to stereotype, 60 per cent of millennials were found to use an adviser compared to 32 per cent of baby boomers.

Just under two-thirds of baby boomers were optimistic about investment opportunities as opposed to 81 per cent of millennials, and only 24 per cent of baby boomers felt they had expert/advanced investment knowledge as compared to over half (58 per cent) of millennials.

While cash allocations remain equal at 26 per cent amongst the generations, the younger generation chooses to allocate a smaller portion (20 per cent as opposed to 29 per cent) of their portfolio to equities.

Interestingly, while baby boomers could potentially benefit more from the diversification benefits of alternative assets, millennials allocate double the percentage of baby boomers (12 per cent as opposed to six per cent) to alternatives and precious metals.

Millennials also take a different approach to market volatility, with over half (54 per cent) of surveyed millennials citing that market volatility is positive if properly managed, as opposed to only 24 per cent of baby boomers.

Confidence in retirement savings is also on the rise for the younger generation as 76 per cent of millennials say they’re confident they’ll have enough money for a comfortable retirement. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

5 days 4 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 6 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

1 week 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5