Young Consumers Want Financial Advice
Of those polled, 18% of millennials and 19% of Gen Xers say they would like to have advisors and are searching.
Younger consumers are much more likely than baby boomers to say they are looking for financial advisors.
Analysts from LIMRA and Life Happens have reported that finding in summaries of results from a joint online survey of 2,082 US. adults
The analysts classify people born from 1952 to 1964 as baby boomers; people born from 1965 to 1980 as members of Generation X; and people born from 1981 to 1998 as millennials.
When the organizations asked survey participants, “Do you have a financial advisor?”, about half said they did not, and did not want one.
Only 7% of the boomers said they were looking for financial advisors; 41% said they already had advisors and were happy with their advisors.
But 18% of the millennials polled, and 19% of the members of Generation X, said they would like to have advisors and were searching.
Matt Derrick, an executive vice president at Life Happens, and James Scanlon, senior research director at LIMRA, presented results from the groups’ 2018 Insurance Barometer survey Monday, in Chicago, at the 2018 Life Insurance Conference.
LIMRA has organized that conference together with the American Council of Life Insurers, LOMA and the Society of Actuaries. It started Monday and is set to end today.
The survey report also includes data on the participants’ thoughts about social media.
The analysts found, for example, that 57% of the millennial participants were likely to check out potential advisors’ social media presence. Many baby boomers use social media, but just 26% said they would be likely to check out a financial advisor’s social media feeds.