Data and Research

Evident Generational Shift in Advice Providers and Recipients

The oldest segment of respondents is likelier to say they don’t make enough money to worry about financial planning.

By John Manganaro editors@strategic-i.com | December 28, 2016

Findings from the 8th annual New Year’s Resolution Survey by Allianz Life show younger respondents are more likely than older respondents to consult a financial planner in 2017.

The research offers evidence of an ongoing generational shift in the advisory client base, with many Millennials and Gen Xers proactively seeking financial advice for the first time. Other findings suggest providers will do well to bring younger professionals into client-facing roles, sooner rather than later.

Across all age grounds, the survey finds 29% say they are more likely to seek help from a financial professional in 2017, while for those age 18 to 34 the figure is 45%. Among the 35 to 54 age segment, it's 27%, while just 17% of those older than 55 say the same.

Perhaps a surprise, the oldest segment is likelier to say they don’t make enough money to worry about financial planning, at 33%, whereas 26% in the 18 to 34 range say the same. Thirty percent of the middle age group feels this way.  

Overall, the median age group is the most optimistic that their personal financial picture will improve in the near future, though just 37% agree with this sentiment. For those younger than 34, it’s 28%, and for those older than 55, it’s 31%.

The data shows men are somewhat more likely to plan to seek advice in 2017 (38%) compared with women (28%).

“Women are more likely than men to report not making enough money as a reason to not have financial planning as a resolution,” researchers observe. “Men are more likely than women to report already having a solid financial plan and the complexity of financial planning as the reasons to not have financial planning as a resolution.”