MERCADEO Versión en español
Millennials adopt innovations in financial brands
Manuela Walfenzao| 15 de mayo de 2015
Acorn es uno de los robo-advisers más utilizados por los millennials
There is a growing segment of millennials that is taking care of their finances before expected. After the recession the US has just gone through, a complicated working landscape, and the burden of student loans, many millennials distrust big banks and traditional financial advisors. In response, they are using their own research mechanisms and robo-advisers.These digital platforms work as free or very low-cost financial advisers, and through algorithms suggest investments that bring benefits. The most used are: Betterment, Wealthfront and Acorns. “We are a generating that comes from the age of algorithms, great data and automated analysis”, said 31-year-old Nicholas Roach, user of Betterment and Scottrade with a 401(k) plan. “It just makes sense that our investments are part of that culture.”According to a study by Wells Fargo, more than half (55%) of millennials between 22 and 33 years of age are saving for their retirement. But they invest less than baby boomers, because they must balance between the payment of debts and savings. There has been a change in behavior and mentality regarding finances for this generation. Sophia Bera, founder of Gen Y Planning, is changing the conversation on investments and that is why when she talks with clients, she avoids using the word retirement and refers to financial independence, which is important at any age. For the first time, banks are concerned about obtaining millennials attention.
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