Are you targeting Gen Z and Millennials with your marketing? If you’re not, you should be. Financial advice can make a world of difference if you don’t know how to manage your money. And some generations seem to be more open than others to it. Here, we look at why are Gen Z and Millennials are seeking financial advice.
Why are Gen Z and Millennials seeking financial advice?
Research shows that different generations turn to financial advice for different reasons. Some of these reasons have to do with goals and age. Others have to do with different financial priorities or interests. Let’s take a look at six more popular reasons for these two generations to seek financial advice:
- Suddenly getting extra money
For Gen Z, coming into a windfall (28%) or receiving an inheritance (20%) are important reasons to seek advice.
- Solving debt
Around 20% of Gen Z would seek the help of a professional if they got into financial difficulty.
- Saving for a big goal
Figuring out how to save for a home deposit is the goal of 24% of those in Gen Z searching for financial advice.
- Figuring out the investment market
Millennials are more preoccupied with investments. More than a quarter of them (26%) want to start investing and need guidance. Another 25% want to learn how to invest ethically, a major consideration for many new investors.
- Dealing with requests for help
A survey shows that 27% of Millennials would seek guidance if they received a financial request from a family member or friend.
- Getting on the property ladder
While an important reason, only 16% of Gen Z are putting house hunting on the list of reasons for seeking financial advice.
I hope that you’ve found this post on Why are Gen Z and Millennials are seeking financial advice useful.
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