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.”