Financial advice is growing in popularity among the under-30s, new research from deVere Group has revealed.
The firm reports a 54% year-on-year jump in the number of enquiries from potential clients under the age of 30.
Nigel Green, chief executive and founder of deVere Group, says: “The sharp increase in the number of under 30s seeking out advice, once again, debunks the myth that younger generations are not interested in building a plan for their long-term financial security.
“It would be a reasonable assumption to make that the year-on-year increase has been largely driven by the pandemic. It has brought into all-too-real focus how things can quickly change, how important it is to have a back-up/emergency plan, and value more than ever what really matters to them. For most, this includes ensuring that they can enjoy the opportunities and lifestyle that they desire.”
A survey carried out by deVere Group in March discovered that seven out of 10 people will not splurge excessive savings accumulated over the pandemic, with only one in six (16%) saying they would.
According to Green, under-30s are also focused on impactful saving and investing, using their money not only to improve their own lifestyles but better their communities and environment.
Green said: “Having more control over their financial affairs is a critical part of their wider activism on issues such as human rights and climate change. Perhaps more than ever, the under 30s are showing a desire to be financially resilient and put their long-term financial goals at the heart of their decision-making process.
“I believe that this ‘think about tomorrow first’ attitude is likely to be a permanent phenomenon due to recent seismic cultural, social and economic shifts.”
The research also found that under-30s are also more likely to demand digital solutions such as fintech apps alongside financial advice.