Millennials to Millionaires

Payments Leader

Posted on October 12, 2016

 

Portrait of young woman holding money on a white background Note to inspector: the image is pre-Sept 1 2009

Portrait of young woman holding money on a white background Note to inspector: the image is pre-Sept 1 2009

Millennials to Millionaires

Summary:  Understanding the millennial mindset toward creating wealth has been a central spot on the agendas of wealth management executives. As the largest of all customer divisions in the United States, millennials will surely accumulate a significant amount of wealth over time. Community banks face challenges engaging this unique group. Digital services will be crucial in becoming better at communicating with millennials.

Key Stats:

  • $1 trillion in millennial assets under management
  • $30 trillion in baby boomer assets
  • 80 million are in the millennial generation
  • 43% of millennials are most likely to say they are conservative with their money
  • 44% of millennials are extremely interested in learning more about investing
  • 40% of millennials are committed to passing along wealth to their families
  • 66% of millennials are likely to fire their parents’ financial adviser after they receive their inheritance

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Payments Leader

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