Some 74% of affluent Millennials (21-36) report having received financial support from their parents after finishing college, finds UBS in its Q2 2016 Investor Watch, more than double the share of Boomers (35%) who say they received assistance from their parents at that time. Millennials most commonly receive support for health insurance (29%), home buying/renting (28%), and auto insurance (26%), per the report, which also finds 63% having moved back home after finishing college.
Separately, just 29% of Millennials surveyed for the report are very happy with the way their investment portfolio is positioned. The types of advice they’re most interested in are financial planning (71%), investing (70%), budgeting (63%), insurance (61%), mortgage (60%) and children’s college savings (59%), according to the study.
A new MarketingCharts report, “Marketing Financial Services to Millennials,” delves further into this generation’s financial attitudes and desires, including their relative lack of financial guidance and the key information college students desire. The study – jam-packed with more than 100 pages of charts, tables and analyses – is available for purchase here.
About the Data: The UBS Investor Watch data is based off a survey of 2,971 affluent and high net worth investors conducted from March 10 ”“ 22, 2016. The core sample of 2,050 investors have
at least $1 million in investable assets, including 479 with at least $5 million. The UBS Investor Watch also includes an oversample of 1,131 Millennials:
- Respondents ages 21 ”“ 29 who have at least $100,000 in household income or $100,000 in investable assets; and
- Respondents ages 30 ”“ 36 who have at least $250,000 in investable assets.