Millennials – mind the Google advice gap

Written by Lisa Stanley Mann on 20th April 2017

Godgle, sorry, Google, has the answer to everything.

For young people, it might even appear wiser and more reliable than parents.

So it is no surprise that one study has found it is is replacing financial advice for a generation looking for money tips.

Zurich UK’s Set the Right Goals study among 2,000 UK adults found that 15% of “millennials” (a demographic group mostly under 35) are turning to internet search engines, such as Google, to realise their financial goals, instead of seeking professional financial advice – more so than any other age group.

Millennials’ current finance-related goals are: a holiday, buying a house, starting a family, funding significant family or religious celebrations such as birthdays and Christmas, and saving more into their bank account.

One in five (19%) millennials cite confidence in their ability to sort their own financial futures as a reason for not initially seeking professional help. Over a third (37%) feel they do not earn enough to need to speak to a financial adviser, while almost a quarter (23%) said they were too young.

Despite a clear desire to take charge of their financial futures, more than half (56%) of those aged 18-34 blame a lack of savings for preventing them from achieving life goals, such as starting a family or travelling the world.

What is stopping young people from achieving their goals Current goals
1.     Lack of savings (56%)

2.     Fear of failure (31%)

3.     Not knowing where to start (29%)

4.     Not enough time (24%)

5.     Fear of change (20%)

1.     Holiday (31%)

2.     Buying a house (25%)

3.     Starting a family (15%)

4.     Significant family/religious celebrations (e.g. birthday, Christmas, wedding) (15%)

5.     Putting more into a bank account (11%)

Anne Torry, Head of Zurich UK Life, said: “It could be all too easy for millennials to look at current political and economic volatility and feel uneasy about what it means for their money, particularly with everything from university fees to getting on the housing ladder squeezing finances. That said, it’s clear there is a certain level of confidence and this generation are proactively seeking help online.

“The internet is a good starting point, but people must also be cautious with the financial information available online, as this won’t be specific to everyone’s needs. There are plenty of online tools available that offer more tailored support, but many millennials are missing out on the benefits of independent financial advice to help them achieve their goals because of misperceptions, such as being too young. Given the instinct for millennials is to go online first, there is a real opportunity for independent financial advisers who can market effectively their services on the internet”.

Zurich has launched Zurich FutureYou, which provides online tools to help people imagine, plan and manage their own financial wellbeing. Zurich FutureYou is designed to support people along their financial journey with interactive and methods of planning that are entirely personalised, to ensure engagement with savings matches individual aspirations.