Technology is creating a growing generation of people taking control of their financial futures.
Millennials are eschewing the financial pressures of their older peers and embracing their finances through digital technology such as robo-advice, according to research.
In fact when it comes to digital wealth management (robo-advice) four in 10 millennials (those aged 25-34) are aware of the technology; the highest among British age groups surveyed.
Despite having less money to invest compared to other age groups, a quarter of millennials who are aware of robo-advisers say they are very likely to use one in the future. This is in contrast to both 55-64 and 65-74 year olds, who say they are unlikely to use a robo-adviser.
The results, from BlackRock’s latest Investor Pulse survey, also show millenials are diligently involved in planning their financial future, digitally. Six in ten millennials in the UK manage their everyday savings at least once a week online or on a mobile or tablet device.
Of those who monitor or manage their investments digitally, 25 per cent feel encouraged to keep investing, while 22 per cent are more interested in making investments online in the future.
Few are downtrodden by the experience too with just one in 50 millennials digitally monitoring or managing their investments feeling that technology hasn’t made a difference.
The research also shows that the more frequently millennials monitor or manage their investments online, the greater the impact it has on their investment behaviour and confidence. Nearly half – 44 per cent – of millennials managing their investments online at least once a week feel like they are more in control of their money compared to three in 10 who do so at least once a month.
Nick Hutton, Head of the BlackRock UK Retail Sales Team, says technology is at the heart of how millennials communicate, consume information, and manage their day-to-day living.
“It is reassuring to see the impact it is making on their saving and investing behaviour. A generation that has often lacked financial confidence and has been hamstrung by immediate financial priorities, technology is empowering millennials to start thinking about their long-term financial futures by giving them access and information at their fingertips,” he said.