Attracting the Millennials to Invest in Financial Markets

Attracting the Millennials to Invest in Financial Markets
  • Opening Intro -

    The millennials, dubbed Generation Y, make up the largest population globally.

    They are poised to transform every facet of the global economy and the finance industry.

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Born in the 1980s and the year 2000, the millennials have witnessed three major global recessions. Despite this sad reality, the millennials are said to possess the largest amount of inherited wealth. They feature a unique demographic that is eager to achieve their dreams and build personal relationships with companies.

The millennial mindset is similar to those who survived the Great Depression; they are more inclined to capital-generation than consumer spending. Thus, they save a more significant portion of their paycheck than the previous generation. However, they appear less willing to invest in the stock market compared to the older cohorts Gen X because they lack knowledge about stock market operations (according to a recent survey). Additionally, being a tech-savvy generation, the millennials prefer Robo-advisors to the traditional well-groomed advisors. Financial companies have to develop new ways of engaging the millennials.

1) Nurture relationships

As much as the Millennials value the use of technology for most of their undertakings, they still prioritize family and face to face financial advisors as their best sources. They prefer human connections and relationships to interacting with the brand.

2) Leverage technology

Gen Y features a huge shift in the finding of information. Crowd sourcing and other digital platforms are the most common information sources for the millennials. Financial investment firms should follow the trend by promoting social sharing and creating online portals that allow clients to monitor their wealth. The platforms should also allow investors to access planners via Skype, IM apps, and e-mails from their tablets and smartphones. Strong social media presence on sites like Facebook, Twitter and LinkedIn spread’s a company’s presence faster among millennials than any interpersonal networking.

3) Leverage on video communication

The millennials love using video content compared to any other form of communication. Video content creates authenticity and brings reality closer home. Note that the content shouldn’t just talk about the brand but it should resonate and spur action.

4) Find strategic partnerships

Millennials respond better to offerings from new companies than large institutions. Thus, financial companies should partner with creative financial product advisers, independent content creators who can deliver relevant information to the millennials.

In conclusion, the changing behavior among the millennials significantly impacts the financial industry and the overall economy. Thus, investments firms ought to keep up to tabs with the latest technological advancements and social media trends to satisfy their needs and maintain relevance.

 
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Last update on 2017-05-23 / Affiliate links / Images from Amazon Product Advertising API

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