Millennials – a generation that needs to be heard
Financial advisors have to take into account that their role needs to be sustainable in the long term. A great role in this process is played by the ability to listen and study the habits and needs of new generations. A focus on the younger portion of the population will enhance the continuity of their professional activity.
This argument stands behind the idea of investigating on how millennials are behaving and acting in response to the COVID-19 emergency that we are living in today.
People born between the years 1980 and 2000 are, and will probably be, the most affected by this situation. A lot of research is highlighting the threat that the economic shutdown is imposing on millennials' financial status. More than 50% of Generation Y is experiencing consequences on their income and that’s not all; there is also a psychological perspective to be taken into account.
In fact, Millenials tend to engage more frequently in social relationships compared to both older and younger generations. Two aspects that result in a heavier burden, due to both the more unstable economic situation and the social distancing put in place by Governments to protect the whole population.
Nevertheless, the weight of the situation is giving birth to a positive effect as it allows millennials to be in the spotlight. This is a time of firsts for...