Millennials and Technology: Shaping the Future of Saving, Investing, and Financial Management

New York City, New York, USA United States of America
29% of Americans believe technology will significantly impact investing over the next five years
Advisors will continue to shift towards holistic financial advice as Millennials and Gen Z seek life and wealth coaches
Gen Z has divided attitudes towards investing with some aggressively saving and others taking a lax approach
Millennials are becoming the dominant demographic in finance and investing
Younger millennial women have seen their economic well-being improve with the rise of educational opportunities and delaying family formation
Millennials and Technology: Shaping the Future of Saving, Investing, and Financial Management

In a recent wave of studies, the shifting financial landscape and attitudes towards saving, investing, and technology have been highlighted among Millennials. This generation is known for its unique approach to managing finances compared to previous generations.

According to Logica's Future of Money Study, 29% of Americans believe that technology will significantly impact investing over the next five years. This trend is particularly noticeable among Millennials, who are actively planning their financial futures in various ways that differ from previous generations. For instance, 91% of Gen Z and 87% of Millennials feel it is important for employers to offer programs to help manage finances.

Kitco News, a leading news source in precious metals, reports that Millennials are becoming the dominant demographic in finance and investing. The team at Kitco News consists of diverse journalists reporting on economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity.

Another study by CNBC's ETF Edge reveals that Gen Z has divided attitudes towards investing. Some members of this generation are aggressively saving for milestones like retirement while others take a more lax approach. Kyla Scanlon, an economic commentator, explains that the housing market is a prime example where young people are falling behind due to higher interest rates and difficulty in finding affordable homes.

Business Insider reports that the youngest of the millennial generation, born in 1995 and 1996, turn 28 and 29 this year. They are getting creative about becoming homeowners by living at home first or partnering up. Younger millennial women have especially seen their economic well-being improve with the rise of educational opportunities and delaying family formation.

The McKinsey survey reveals that advisors will continue to shed their primary roles as investment managers focused on portfolios and asset allocation, assuming duties as life and wealth coaches. Millennials and Gen Z are driving this shift towards holistic financial advice, seeking financial planners who manage assets and advise on lifestyle needs.

These studies provide valuable insights into the changing financial landscape among Millennials. It is essential to note that technology plays a significant role in shaping their attitudes towards saving, investing, and managing finances. Employers also have an important role to play in offering programs that help employees manage their finances effectively.


Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image

Confidence

100%

No Doubts Found At Time Of Publication

Sources

90%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Meet the last 20-something millennials: They're twice as wealthy as their geriatric peers were and are carving creative paths to homeownership

Business Insider Hillary Hoffower Sunday, 23 June 2024 00:20
  • Unique Points
    • The youngest of the millennial generation, born in 1995 and 1996, turn 28 and 29 this year.
    • Younger millennials are getting creative about becoming homeowners, such as living at home first or partnering up.
    • Younger millennial women have especially seen their economic well-being improve with the rise of educational opportunities and delaying family formation.
    • The US fertility rate decreased by 3% between 2022 and 2023, reaching a historic low.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (70%)
    The article contains editorializing and selective reporting. The author makes statements about the experiences and struggles of 'younger millennials' as a whole, implying that they are all facing similar challenges in the labor market due to the pandemic. However, she only quotes two sources to support these claims, one of whom is a career expert who also happens to be a younger millennial herself. This selective reporting creates an incomplete and potentially misleading picture of the experiences of younger millennials as a whole. Additionally, the author makes several statements that express her own opinions and interpretations, such as 'they're actually faring better than their older millennial peers' and 'the youngest millennials are more likely to stick around in a job than Gen Z'. These editorializing statements are not supported by any evidence presented in the article.
    • But Davis said Indeed research shows they don’t want to go back into an office full-time...
    • The youngest of the generation, born in 1995 and 1996, turn 28 and 29 this year, and just under 9 million 20-something millennials remain... In some ways, they’re actually faring better than their older millennial peers...
  • Fallacies (85%)
    The author makes an appeal to authority when quoting Diana Elliott and Gabby Davis. She also uses inflammatory rhetoric by referring to millennials as a 'lost generation' in the past and implying that younger millennials are 'faring better' than older ones without providing concrete evidence.
    • Diana Elliott, vice president of programs at Population Reference Bureau (PRB), told Business Insider that one’s late 20s have always been peak years to establish careers.
    • Gabby Davis, a career expert at Indeed and younger millennials herself, told Business Insider.
    • We’re going to see a lot of exits from the labor force, not just now but into the next decade or so.
    • The pay gap is closing with every successive cohort.
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

97%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Millennials becoming the dominant demographic in finance and investing – Logica

Kitco News Sunday, 23 June 2024 00:20
  • Unique Points
    • Kitco News is a leading news source in precious metals.
    • The team at Kitco News consists of diverse journalists reporting on economy, stock markets, commodities, cryptocurrencies, mining and metals.
    • Kitco News aims to help people make informed market decisions through in-depth reporting and analysis of market-affecting developments.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (0%)
    None Found At Time Of Publication

94%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Kyla Scanlon explains Gen Z's divided attitudes toward investing

NBC6 South Florida Anna Gleason,CNBC Sunday, 23 June 2024 00:23
  • Unique Points
    • Economic commentator Kyla Scanlon has noticed a divided outlook on investing among younger generations.
    • Some members of Generation Z are aggressively saving for milestones like retirement, while others take a more lax approach.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (85%)
    The article contains a few informal fallacies and an example of inflammatory rhetoric. It also uses a somewhat dichotomous depiction of Gen Z's attitudes towards investing.
    • . . . some members of Generation Z are aggressively saving for milestones like retirement, while others are taking a far more lax approach.
    • You do have these people who are maxing out their 401(k)s. They’re doing everything they can to plan for retirement, but then you have the other side, which is an element to financial nihilism, where people don’t want to save for retirement. They don’t want to save money in general because they don’t believe the future is there.
    • The housing market as a prime example of where young people are falling behind.
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

90%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Millennials and Gen Z are in the driver's seat when it comes to holistic planning

Financial Planning Samuel Deane Tuesday, 18 June 2024 12:00
  • Unique Points
    • Millennials and Gen Z are driving the shift towards holistic financial advice.
    • Financial health is linked to physical and emotional well-being for millennials and Gen Z.
    • Younger generations seek financial planners who manage assets and advise on lifestyle needs.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (80%)
    The author makes several statements that imply or claim facts without providing sources. For example, 'According to a recent McKinsey survey,' and 'Notably, however, 57% of both Gen Z and millennials expressed interest in working with financial advisors for estate planning.' Without providing the actual surveys or studies referenced, it is impossible to verify the accuracy of these statements. Additionally, the author makes several editorializing statements such as 'The impact of next-generation investors on the financial advisory sector in years to come cannot be overstated,' and 'Estate planning is witnessing a surge in interest across all generations.' These statements are not facts and are the author's opinions.
    • According to a recent McKinsey survey,
  • Fallacies (90%)
    The author makes several assertions about the influence of millennials and Gen Z on the financial advisory sector, but does not provide any evidence or logical reasoning to support these claims beyond anecdotal examples. This lack of evidence constitutes a fallacy of insufficient reason or an appeal to ignorance. Additionally, the author uses inflammatory language such as 'unprecedented financial challenges' and 'grappling with' when describing millennials, which is not a logical or objective way to describe this generation. This use of emotional language constitutes a fallacy of appeals to emotion or pathos.
    • ]The impact of next-generation investors on the financial advisory sector in years to come cannot be overstated.[
    • Younger clients are not only recognizing the value of professional advice, but are actively seeking it out for a variety of reasons, including their sometimes nontraditional entrepreneurial ventures.
    • Almost 25% of all survey respondents across generations included hiring a financial advisor as part of their 2024 and 2025 goals, with Gen Z leading at 32%.
  • Bias (95%)
    The author expresses a clear bias towards millennials and Gen Z in the financial industry, implying that they are driving the shift towards holistic financial planning and that their values and priorities are significantly influencing the way advice is given. The author also mentions several times how younger clients are seeking financial planners who will not only manage their assets but advise them on lifestyle choices.
    • Almost 25% of all survey respondents across generations included hiring a financial advisor as part of their 2024 and 2025 goals, with Gen Z leading at 32%.
      • As millennials grapple with unprecedented financial challenges while setting their sights on future stability, the role of financial advisors becomes ever more pivotal.
        • For me, the encounter confirmed the unique juncture at which the financial advice industry finds itself today – one in which the values, priorities and expectations of younger generations are significantly influencing the way in which advice is given.
          • Not so long ago I met with a prospective client who wanted to monetize her 100,000-plus Instagram followers but had no idea how to do it.
            • The impact of next-generation investors on the financial advisory sector in years to come cannot be overstated.
              • Younger clients are not only recognizing the value of professional advice, but are actively seeking it out for a variety of reasons, including their sometimes nontraditional entrepreneurial ventures.
              • Site Conflicts Of Interest (100%)
                None Found At Time Of Publication
              • Author Conflicts Of Interest (100%)
                None Found At Time Of Publication

              97%

              The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
              (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

              A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

              Logica® Future of Money Study Reveals Millennials Are Taking Charge

              PR Newswire Unknown Logica Sunday, 23 June 2024 00:26
              • Unique Points
                • Millennials are actively planning their financial futures in ways that differ from previous generations.
                • 29% of Americans believe technology will significantly impact investing over the next five years.
                • 91% of Gen Z and 87% of Millennials feel it is important for employers to offer programs to help manage finances.
              • Accuracy
                • 63% of Americans are looking for help managing their money despite the rise of technology.
                • 79% of Millennials use phones or mobile devices for in-person purchases.
              • Deception (100%)
                None Found At Time Of Publication
              • Fallacies (100%)
                None Found At Time Of Publication
              • Bias (100%)
                None Found At Time Of Publication
              • Site Conflicts Of Interest (100%)
                None Found At Time Of Publication
              • Author Conflicts Of Interest (100%)
                None Found At Time Of Publication