OpinionDec 11 2017

Engaging millennials should be more than a catchphrase

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Engaging millennials should be more than a catchphrase
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The ability to tap, touch, tilt, text and tap (that’s a Dodgeball reference for those that don’t get it) our phones has resulted in the most impatient generation so far.

At 22, I fall into Generation Y and with everything on hand it means we are tough to engage with. 

To truly engage with younger people, you must be able to empathise with them.

The average age of a financial adviser is about 56 and at that age, talking to a Millennial will sound as if you are being lectured by a parent or even possibly patronised and most likely ignored.

Real life examples could be the best way forward such as if it is best to live outside of London and commute, versus the option of living in London and taking the hit on the assumed higher living costs.

It might be researching the best way to finance a car or whether going to University is actually worth it and if so, the different routes of repaying your debt. 

Thanks to the implementation of auto-enrolment, pensions are at least in place, (not to the extent where people do not need to think about them until retirement but it is something).

This may lead to younger people not heading to financial advisers for pensions advice and the lack of disposable income may restrict out and out investment but I do see the mortgage world being their first port of call.

The reason behind this is that younger people will prioritise their own space today over their retirement 30 or 40 years away.

With government schemes such as Help to Buy Isa or shared ownership there is certain scope to get onto the housing market, be it somewhat differently to our Parents.

As a company, Panoramic Wealth Management, we organised a networking event for Millennials in Tunbridge Wells. The aim was to grow awareness for not only the firm but also what it is we do and what we can offer.

To make it interesting we had Ruaridh McConnochie and Will Edwards as guest speakers, both of whom are included in England 7’s squad for the forthcoming season.

Mr McConnochie even won a Silver Medal with Team GB at The Olympic Games in Rio de Janeiro. 

It is an exciting future as long as we can tap into the millennial generation. 

Ross Jefferies is mortgage and protection adviser for Panoramic Wealth Management