SEARCH
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."
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Australian Wealth Management Awards
- Australian Wealth Management Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Commerical Finance Awards
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Fund Manager of the Year Awards
- ifa Excellence Awards
- Lawyers Weekly 30 Under 30 Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- SMSF Technical Strategy Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
