This provides an opportunity for financial advisers to connect with younger clients by making the advice they can provide around ESG investing a more visible part of their offer.
I recently spoke to Barry Sime, financial Planner at Fairstone Financial Management Limited, who told me: “For many young people who may be thinking about purchasing their first home or looking at their long-term savings, the need for the right financial advice has never been greater.
“With an increasing cost of living and high economic uncertainty following the pandemic, millennials have significantly less disposable income than previous generations, which they need to make work even harder, making expert guidance crucial.
“These challenges, coupled with young people’s awareness of sustainability issues and love for technology, mean that financial advisers must continuously adapt their offering to make it more attractive for the next generation of savers.”
As the world deals with the economic aftermath of Covid-19, it is important that advisers adapt their services to support those who need financial advice the most.
Advisers communicating with young people in the right way, using the right channels, can unlock new opportunities to help clients navigate some of the important financial decisions they may have put on hold as a result of the pandemic.
In doing so, they will be providing the very best support to the nation’s young savers.
Siobhan Barrow is head of individual distribution at Scottish Widows