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Young investors not utilising financial management tools
Young investors not utilising financial management tools
New research from consultancy firm KPMG has found only a minority of professionals born between the early 1980s and the late 1990s use budgeting and spending tools offered by financial institutions.
The company's Banking on the Future report found that only 19 per cent of Generation Y professionals use financial institution-offered tools to manage their finances, with 74 per cent relying instead on personal spreadsheets.
"Our focus groups revealed that they were either unaware that their financial institutions offered such tools; or these tools did not meet their needs," KPMG said.
Additionally, KPMG's research highlighted the importance liquidity held for younger investors, noting that a vast majority use savings accounts as their "primary investment tool", with 27 per cent investing in shares due to the asset class' "liquidity and the ability to turn these investments in to back up funds".
"Our focus groups revealed that this group perceived certain wealth products as out of their scope of investment due to the long term nature and perceived minimum investment threshold," KPMG said.
"Whilst the statistics suggest this cohort is not investing in existing wealth products, our findings suggest that they are willing to invest if the wealth products are tailored to their needs and investment style."
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