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Millennials are doin’ it for themselves – Legg Mason

Cherry Reynard
Written By:
Cherry Reynard

Almost half of UK millennials want to start a business, according to Legg Mason’s 2017 Global Investment Survey, another sign that the next generation are shaking up established working patterns.

This is the group’s fifth annual survey of investor attitudes and sentiment, drawn from 15,300 people around the world.

Nicknamed ‘millinnipreneurs’, the proliferation of internet and technological use has led UK millennials to embrace entrepreneurship. In contrast, less than a fifth of baby boomers (18%) see working for themselves as a work-life aspiration.

With millennials potentially working for far longer than previous generations, 41% of the millennials aim to find a job which appeals to their interests, regardless of income. In comparison, only 18% of baby boomers are comfortable with such an approach.

Justin Eede, head of Europe and Americas distribution at Legg Mason, said: “Millennials have a technological fluency affecting most aspects of their lives, including the way they approach starting a business using the internet as online tool belt of information.

“The data suggests baby boomers prefer financial stability and job security as opposed to millennials who are willing to risk those factors in pursuit of entrepreneurship. These statistics reveal the extent to which the drive to create a start up is growing among the younger generation and it will be interesting to see how the industry reacts.”

The survey also found that investors are increasingly employing technology to make investment decisions. Emerging market investors – led by Asian millennials – are well ahead of the curve in terms of technology use when making or executing investment decisions.

That said, most people still desire the human touch. They want to know that there is a human behind the machine, guiding its application and providing customer service.

The survey also found that baby boomers are not as financially secure as many believe. Baby boomers said they have many goals unmet and are worried they will not have the income they need for a comfortable retirement. Income is the top concern among British investors.