By George Prior
– Topping up pension pots is the number one priority for millennials – who will be the beneficiaries of the greatest wealth transfer in history over the next few decades.
A global poll carried out by deVere Group, one of the world’s largest independent financial advisory and fintech organizations, finds that 71% of millennial clients – those born between 1980 and 2000 – will use the money they inherit to boost their retirement income.
The firm surveyed 664 individuals living in the UK, North America, Latin America, Europe, the Middle East, Africa, Australia, India, ASEAN and East Asia.
Other main priorities included purchasing property, increasing investments to make a sustainable impact and committing to good causes.
Of the survey, Nigel Green, deVere Group CEO and founder, comments: “The estimated numbers involved in the phenomenon known as the Great Wealth Transfer are staggering.
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
“According to some estimates, $68 trillion in wealth is to be passed down from the baby boomers – the wealthiest generation ever – to their children and other heirs over the next 30 years.
“It’s set to be the biggest-ever wealth transfer in modern history.”
He continues: “Millennials are often falsely stereotyped for their sense of entitlement and thought to be more financially reckless than other generations.
“But with seven out of 10 saying that their number one priority of the inheritance boom is to top up their pension pots, this myth is busted.
“The poll proves that millennials aim to have the same or an increased standard of living for themselves and loved ones in retirement.”
Millennials are, typically, financially worse off than those before them. Many are playing ‘catch-up’ compared to their parents due to slower wage growth, higher costs of living and less continually buoyant economic conditions.
As such, says the deVere boss, “a windfall from the richest generation in history will be welcomed and needed by millennials – but seemingly not to be wasted. This is very encouraging.”
But the positive comes with a stark warning. “Waiting on a windfall should not be anyone’s plan A – it could come too late and other circumstances could make this a financially dangerous plan.
“People need to save and invest for their future sooner rather than later through established financial planning solutions. The earlier you begin, the easier it will be to reach your long-term objectives.”
Mr Green concludes: “The greatest wealth transfer in history is an exciting opportunity for millennials.
“And it seems they are to be led by their core values, relationships and long-term goals to grow and safeguard their wealth.”
About:
deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.
- This “Bullish Buzz” Reaches Highest Level in 53 Years Apr 26, 2024
- FastSpring and EBANX Forge Partnership to Expand Pix Payments for Digital Products in Brazil Apr 25, 2024
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024
- QCOM wants to create competition in the AI chip market. Hong Kong index hits five-month high Apr 25, 2024
- Japanese yen hits all-time low as BoJ meeting commences Apr 25, 2024
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024
- PMI data is the focus of investors’ attention today. Turkey, Iraq, Qatar, and UAE signed a transportation agreement Apr 23, 2024
- Australian dollar rises on strong economic indicators Apr 23, 2024