High-net-worth Millennials are far more confident than other generations when it comes to talking about their wealth, according to research by RBC Wealth Management. Eighty percent of them think they have a responsibility to understand their finances, and 69% conduct research on their own to expand their financial knowledge. By comparison, only 61% of those in the 35 to 55 age group and 47% of those older than 55 do so.
Millennials have also gotten a head start on understanding finances, with the
average starting age being 20. By comparison, Gen Xers said they started
exploring finances at age 25, and Baby Boomers, age 32.
“Millennials are more educated than previous generations, with more attending
college than their parents and grandparents,” says Angie O’Leary, head of
wealth planning at RBC Wealth Management-U.S. “They’re a more mindful
generation with a global perspective—all of which has factored into their sense
of responsibility about finances.”
Fifty-one percent of high-net-worth Millennials said they had discussed wealth
transfer with a member of their family, a discussion other generations pay
little attention to.
However, only 35% of Millennials have a will, and 36% have done nothing about
wealth transfer. On the other hand, 38% have a wealth transfer strategy in
place, 41% plan to distribute their wealth gradually over the course of their
lifetime, and 53% plan to educate their beneficiaries.
RBC Wealth Management conducted the survey in collaboration with Scorpio