A new report, ‘The Intergenerational Wealth Report 2023’ by TIME Investments, which specialises in tax-efficient investment services, reveals that Millennials and Generation Z earning over £50,000 per annum are actively engaged in saving, investments and inheritance planning. While they are financially savvy, they are very open to advice, offering important business opportunities for wealth managers and financial advisers.

To understand the attitudes and intentions of younger investors towards taking financial advice, TIME Investments commissioned unique research by surveying 500 people, 250 Generation Z aged between 18 and 26, and 250 Millennials aged between 27 to 42, all with annual incomes of £50,000 and above.

1 To understand how advisers are serving younger clients, the report also includes research with 125 professional financial and wealth advisers.

A positive attitude to saving

The research shows that Millennials and Generation Zs with higher earning power have a very positive attitude to saving, with 94% saying they have cash savings or investments.1 Many are already holding significant sums: 18% have over £250,000 with a further 10% between £100,000 and £250,000 and 14% between £50,000 and £100,0000.1

Not only have they already started building their savings portfolio, but they are also committed to doing so every year, with 21% planning to save between £10,000 and £20,000, and 27% targeting over £20,000 per annum.1

Over half already use a financial or wealth adviser

The study also showed that 56% of respondents already use a professional financial adviser or wealth manager and this is being driven firstly, by the need for help when it comes to choosing the best savings and investment vehicles, followed by retirement planning and, thirdly, intergenerational planning such as wealth transfer between parents, spouse and children.1

High propensity to seek professional financial advice in the future

Of the 44% who do not already use an adviser, the study shows that they have not done so primarily because they don’t understand what they can offer them, secondly, because they perceive them as too expensive, or, thirdly, have decided they will manage their own finances.1

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