Transcript:
This is Money Talks with Chad Olivier, sponsored by Olivier Group.
Hi. I’m Chad Olivier, certified financial planner and CEO of Olivier Group. Today, we’re talking about a major shift happening in the US economy.
Millennials have now taken over as the largest generation both in population and in the workforce.
Not only are they holding twenty percent of all management jobs, but they are also set to inherit a staggering thirty trillion dollars over the next few decades.
Interestingly, millennials might be the most prepared generation to handle such a large wealth transfer.
Unlike their predecessors, they’ve grown up believing that the American Dream isn’t a guarantee.
This makes them more cautious and focused on long term financial security, particularly when it comes to retirement.
However, one major challenge millennials face is a lack of financial education.
Despite being the most highly educated generation, many haven’t been taught basic financial literacy, whether in high school or college.
This is especially critical considering they’re dealing with record levels of student debt and are about to receive what will be the largest transfer of wealth in history. So, how do millennials get started on the right foot? First, education is key. The more knowledgeable they are about managing wealth, the more confident they’ll be about their financial future. But certified financial planners also play a critical role. Many millennials want help managing their finances, but expect to be hands on in the decision making process.
When it comes to working with financial advisors, millennials have specific expectations.
They want immediate access, multiple communication options from in person meetings to social media and an advisor who understands that wealth is about more than just money. In fact, sixty seven percent of millennials believe that wealth should be used to drive social, political, and environmental change.
The bottom line is, as millennials accumulate and inherit their wealth, understanding their unique financial attitudes and goals is crucial.
This is a generation that values financial security, social impact, and active participation in their financial future. We welcome millennials on our team and enjoy helping them in their financial journey. And that’s why money talks at planning pays.
This has been money talks with Chad Olivier.
