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Three-quarters of millennials seek advice amid pandemic

Three-quarters of millennials seek advice amid pandemic

Younger generations are more likely to be seeking financial advice, according to research from Prudential.

A November survey of 1,000 advised families found 74 per cent of millennials and 58 per cent of Generation Z said they had seen, or were going to see, an adviser, driven by financial difficulty and wanting to start investing.

Meanwhile, a third (32 per cent) of Generation X, one in five (21 per cent) Baby Boomers and a quarter (24 per cent) of those aged over 75 - often referred to as the 'Silent Generation' said the pandemic had specifically driven them to seek advice.

Vince Smith-Hughes, director of specialist business support at Prudential UK, said: “It’s been a challenging 12 months for UK adults up and down the country and this has stimulated the need for advice, be it because of pent-up cash levels, market volatility or job security.

“While the need for advice spans all generations, our research reveals the pandemic appears to have created a pronounced opportunity for advisers to provide advice to younger audiences.”

The findings from Prudential come as separate research from First Direct found millennials were almost four times as likely to have an “unhealthy relationship” with money than those aged 55-plus, at 22 per cent versus 6 per cent.

The Financial Conduct Authority has also warned that 12m adults were at risk of struggling financially as a result of the pandemic, with Black, Asian and Minority Ethnic and younger people most likely to be affected.

The research from Prudential also found more than half (53 per cent) of adults said the financial crisis caused by the pandemic had prompted them to seek advice from a financial adviser.

Of that number, a third (33 per cent) had already sought financial advice, while one in five (20 per cent) were planning to.

chloe.cheung@ft.com

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