The Millennial Payoff: Nine Ways to Reach Out to the Next Generation of Investors
The Millennial generation of 92 million strong born between 1980 and 2000 are growing up. The older ones have started having kids and buying houses. The younger ones are struggling over how to balance heavy student debt obligations and the need to plan for their future. Almost none of them expect to be able to rely on Social Security or defined benefit company pension plans to finance their retirement. They know they need to start planning now for a faraway future.
All this makes millennials a prime target for financial advisors of all stripes in the coming years. Admittedly, it’s a long-term bet. The vast majority of millennials are not wealthy yet, even if they are earning good money. However, their assets are primed to grow as these young people ascend in their jobs, start businesses, and accumulate assets for themselves and their growing families.