MILLENNIAL WEALTH-PROOFING

As Gen Y move into their peak earning years, a generation that once redefined work and purpose is now confronting a new question: how will they choose to grow, protect and pass on their wealth?

- By Carl Javier

The oldest Millennials, the generation born between 1981 and 1996, are entering middle age. And while they are known as being purpose-driven and looking for meaning in work, will they hold these same values as they come to a stage in life when wealth management and investing become priorities?

There has been a lot of criticism of the Millennial generation. Since they started entering the workforce in the mid-Noughties, older colleagues have had nothing good to say about them: they have no company loyalty; they don't work hard enough; they feel entitled to promotion without proving themselves. But they have established a work style and approach all their own. They are, after all, vastly different from their predecessors. They are tech savvy and the first generation to have all grown up with the internet—even the eldest had it by their teens. They make up the largest segment of the global workforce—not only because they are of working age, but also because of a preponderance of side hustles.

They have also been through all kinds of geopolitical and market shocks that have defined their working world and investment strategies. Ritesh Ganeriwal, MD and head of investment & advisory at digital wealth platforms Syfe, “This generation wants control, clarity and convenience” says, “Their worldview is shaped by repeated economic shocks and fast technological change. Practically, this translates to three attitudes: scepticism of one-size-fits-all, ‘safe’ advice; a preference for diversification across new and traditional asset types; and a longer horizon on some risks—they are more tolerant of volatility for long-term investments.

“They are also more literate with digital tools and information—they fact-check, compare products and expect transparency.”