‘Generation app’ wants full smartphone financial planning

Almost half of millennials globally want to do all their financial planning on a smartphone, suggests a study by Legg Mason.

Nicknamed “generation app”, some 47% of millennials in the 17 markets researched were keen on a total smartphone approach to their personal finances.

In contrast, only 22% of baby-boomers were keen on a completely mobile approach to their financial affairs.

The UK had the highest proportion in Europe of millennials wanting to use mobile for financial planning. Whereas 46% of millennials favoured the mobile option, just 13% of baby-boomers said they would feel comfortable with this approach.

However, while 28% of all UK respondents across age groups wanted to do all their planning via their smartphone, 45% said they did not.

Justin Eede, head of Europe and Americas distribution at Legg Mason, said: “Millennials are increasingly tech-savvy and this is seeping into every element of their lives, including the way they approach even complex financial needs.”

Eede said services that have traditionally been delivered face-to-face were becoming automated and the use of smartphones for financial planning was another step in that direction.

“Indeed these statistics reveal the extent to which the demand for fully digital solutions is growing among the younger generation and it will be interesting to see how financial services businesses respond to the challenges this presents.”

Legg Mason carried out quantitative research online among a nationally representative sample of 15,300 respondents.

©2017 funds europe

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