Millennials Face Financial Challenges, Seek Help
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Posted On: 10/03/2024 5:22:21 PM
Millennials Face Financial Challenges, Seek Help
Millennials have faced a series of tough financial challenges for most of their adulthood and are seeking guidance. They were fresh in the job market during the 2008 financial crisis, and as the 2010s drew to a close, the millennials had less property and wealth compared to previous generations at the same age.
After experiencing what was supposed to be a once-in-a-lifetime financial crisis, millennials were hard hit by the coronavirus pandemic, a financial blow that was even harder to stomach now that they were older and had additional responsibilities. Rising inflation and high interest rates have made it even harder for the generation to recover in the years since the pandemic, and 74% of millennials report being stressed about their finances.
Even so, millennial consumers have high expectations and stand to benefit from modern platforms that will simultaneously give them the financial guidance they seek. They are more likely to hire a financial advisor compared to previous generations and typically value the input they receive from such advisors. A majority of millennials (82%) say the time they spend with their financial advisor is critical to their future financial success.
With the generation facing financial crisis after financial crisis amid an unfavorable economy, it’s not surprising that millennials are much more willing to invest in financial advisors. They saw the 2008 financial crisis impact their parents’ finances and were personally affected by the recent pandemic. Now that they are entering their prime earning years or expect to receive some inheritance, millennials now have enough to invest.
In a market that doesn’t inspire much consumer confidence, demand for professional financial advice among millennials is likely to rise. Providers will also have to contend with the relatively high standards of service millennials expect. They grew up in the digital age with the internet and tend to communicate and purchase goods digitally more than in person.
Millennials are accustomed to the ease and convenience provided by digital services such as free two-day shipping and virtual doctor appointments. Catering to this tech-savvy generation and exceeding its expectations will require modern technological solutions capable of providing streamlined sales experiences. This includes all-in-one services that allow customers to manage everything from quoting, analysis and illustration to e-delivery.
Since providing e-signature capabilities will also be critical to providing a seamless chain of digital processes, investing in sales platforms with inbuilt e-signature can help you eliminate complexity while providing your clients with a digital-first process.
The needs of millennials create opportunities that companies such as FingerMotion Inc. (NASDAQ: FNGR) can address through insurance technology and big data services rendered to entities that can provide the solutions that millennials seek.
NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR
Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: https://www.ChineseWire.com/Disclaimer
Millennials have faced a series of tough financial challenges for most of their adulthood and are seeking guidance. They were fresh in the job market during the 2008 financial crisis, and as the 2010s drew to a close, the millennials had less property and wealth compared to previous generations at the same age.
After experiencing what was supposed to be a once-in-a-lifetime financial crisis, millennials were hard hit by the coronavirus pandemic, a financial blow that was even harder to stomach now that they were older and had additional responsibilities. Rising inflation and high interest rates have made it even harder for the generation to recover in the years since the pandemic, and 74% of millennials report being stressed about their finances.
Even so, millennial consumers have high expectations and stand to benefit from modern platforms that will simultaneously give them the financial guidance they seek. They are more likely to hire a financial advisor compared to previous generations and typically value the input they receive from such advisors. A majority of millennials (82%) say the time they spend with their financial advisor is critical to their future financial success.
With the generation facing financial crisis after financial crisis amid an unfavorable economy, it’s not surprising that millennials are much more willing to invest in financial advisors. They saw the 2008 financial crisis impact their parents’ finances and were personally affected by the recent pandemic. Now that they are entering their prime earning years or expect to receive some inheritance, millennials now have enough to invest.
In a market that doesn’t inspire much consumer confidence, demand for professional financial advice among millennials is likely to rise. Providers will also have to contend with the relatively high standards of service millennials expect. They grew up in the digital age with the internet and tend to communicate and purchase goods digitally more than in person.
Millennials are accustomed to the ease and convenience provided by digital services such as free two-day shipping and virtual doctor appointments. Catering to this tech-savvy generation and exceeding its expectations will require modern technological solutions capable of providing streamlined sales experiences. This includes all-in-one services that allow customers to manage everything from quoting, analysis and illustration to e-delivery.
Since providing e-signature capabilities will also be critical to providing a seamless chain of digital processes, investing in sales platforms with inbuilt e-signature can help you eliminate complexity while providing your clients with a digital-first process.
The needs of millennials create opportunities that companies such as FingerMotion Inc. (NASDAQ: FNGR) can address through insurance technology and big data services rendered to entities that can provide the solutions that millennials seek.
NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR
Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: https://www.ChineseWire.com/Disclaimer
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