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Millennials want financial advisers to help with ‘adulting’

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Close to a quarter of millennials would like a financial adviser to simulate scenarios they could face in adult life, new research has shown.

Demand for these scenario exercises was four times higher among millennials who were surveyed by Opinium on behalf of Scottish Widows in comparison to those aged 35 and over.

One in four 18-34 year-olds said they would like their financial adviser to offer real-life scenario exercises for life situations such as marriage, divorce, and having a family.

Nevertheless, 73% of respondents wanted a financial adviser to help them to predict how major life moments could impact their finances.

The data also underscored growing demand for ethical investing amongst those aged 18-34. Close to a third of this segment said they would like to receive advice on investing ethically. This compares to 23% of the broad sample.

Jackie Leiper, distribution director at Scottish Widows, said: “The landscape of the advice market has changed dramatically in recent years, and is still evolving within a growing demographic that hasn’t traditionally had the same need for advice in the past.

“There will also be a greater need to create advice models that reflect the growing inter-generational opportunity around inheritance, and as a result we are seeing IFAs adapting to continue to provide valuable support at milestone moments and in between.”

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