In the survey conducted by Accenture, it showed that millennial investors prefer to consult other sources before accepting financial advice.
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Forty-three percent of millennial respondents (age 21-30) described themselves as "conservative" investors, compared with 31%of baby-boom respondents (age 46-70). Millennials were also significantly more likely than baby boomers to say they prefer "tried and true" investment options (27 % vs. 19%, respectively). They were four times more likely than baby boomers (28 %vs. 7 %, respectively) to say they are unwilling to act on the advice of a financial advisor without first consulting other sources. 44% of millennials said they "spend a lot of time researching alternatives before making a major purchase decision" – compared with 33 percent of baby boomers.
Accenture Wealth and Asset Management Services, global managing director, Alex Pigliucci, said: "Surprisingly, the millennial generation has emerged from two boom-and-bust cycles even more conservative about investing and more skeptical of financial advice than the generations that were hit hardest by the market."
According to the survey, published in Accenture’s new report "Generation D: An Emerging and Important Investor Segment," millennials are the most driven among the generations to build and pass along wealth, and the most interested in mastering investment strategy. 40% of millennial respondents said they are "determined" to pass along wealth to their families, compared to 25 % of baby boomers and Gen Xers (age 31-45). 44% of millennials described themselves as "extremely" interested to improve their understanding of investing compared to 38 percent of older respondents.
According to Accenture’s research, there are more than 75 million digitally savvy investors in the US with high-income, assets and education, which Accenture refers to as "Generation D" or "Gen D." This highly coveted investor demographic, upon which Accenture’s survey focused, makes up 44 percent of the online, U.S. population, aged 18-65, and represents approximately US$27 trillion in total assets.
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