Young Australians say they feel shut out by the Australian financial services sector, according to a new study from financial education firm Zaptitude.
Investing in Millennials 2016 Research Report analysed the attitudes of more than 400 Australians born between 1980 and 2000. Seven in ten people surveyed said they felt the financial products and services currently available didn’t cater to their needs. That’s because many financial firms focus on an older generation’s concept of success, focusing on achievements like buying property and funding a comfortable retiring which young people may have little interest in.
“When I discussed the industry with them and how they perceived it, the universal impression of the financial services industry was one of condescension and irrelevance,” explained Zaptitude cofounder Peita Diamantidis. “What a disaster. Have we as an industry managed to alienate the next generation of explorers, designers, creators, and innovators?”
Young people likely feel alienated because financial services firms don’t understand what they really want. While many financial services companies have adopted digital services to appeal to Generation Y, the Zaptitude research found two-thirds of young people researched prefer to learn new things through face-to-face interactions such as participating in courses and workshops.
“What has become abundantly clear is that the financial services industry is developing digital solutions for this age group when in fact they are craving more human connections from us,” Ms Diamantidis said.
Financial firms will need to learn more about Gen Y and what it really wants if they’re to change the way this generation perceives their sector.
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