With the greatest generational transfer of wealth in history due over the next 20 years, how will Millennials and Gen Zs want to invest their money and are financial institutions prepared to adapt to meet their investment and financial needs?
There is a clear generational divide in wealth:
- In the UK, approximately £5 trillion GBP of wealth is projected to be inherited by Millennials (born 1981-1996) and Generation Z (born 1997-2012) from Baby Boomers (born 1946-1964)
- In the US, this amount explodes to approximately $35 trillion dollars
Coupled with the wealth divide, there is also a generational divergence in the value systems influencing consumer behaviour, such as sustainability and company ethos.
It is therefore vital for financial services organisations to understand what the next generations are looking for and how to ensure they are meeting those needs.
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