Wealth Enhancers Takes The Financial Pulse Of Millennials In Recent Survey

Top Quote Wealth Enhancers' recent survey into how millennials relate to money unveils a number of interesting insights. End Quote
  • (1888PressRelease) July 28, 2018 - Australia’s most experienced millennial financial advisory firm reveals eye-opening findings on this generation's lifestyle, financial behaviour and relationship with money.

    "Millennials & Money" brings a deeper understanding to how this generation relates to money and sheds light on particularly concerning areas the financial industry needs to address to ensure Millennials can successfully navigate their prime spending years.

    "Our purpose is to help our generation become the first financially free generation in Australia's history. Deep diving into the drives and motives behind our financial behaviours is an essential part of this journey," said Sarah Riegelhuth, co-founder and CEO of Wealth Enhancers, and the creator of the survey.

    The key highlight of the survey is that millennials feel uneasy about managing their money.

    Only 33% of those surveyed said they feel in total control of their finances.

    Moreover, 50% stated they didn't feel prepared to manage their personal finances when they graduated from school.

    The main factor contributing to these statistics appears to be the lack of financial education in school, with a staggering 80% of respondents saying they don’t remember taking part in any personal financial management education while studying.

    "The lack of financial education can have powerful negative effects, leaving our generation completely unprepared to deal with life's unexpected events. A worrying 30% of our survey participants said they felt underinsured and what's worse, 13% had no idea if they had any insurance at all!” said Sarah.

    “That’s why so much of our work is focused on providing education, both in our direct interactions with WE members and through our free financial course and WEtv video series, which are freely available to anybody online."

    Unlike the generations that precede them, millennials value experience over everything else. A staggering 85% of those surveyed reported they are more motivated toward experience than possessions.

    It’s pretty clear that financial advisors are dealing with a unique generation.

    With very different goals and aspirations, and with millennials becoming the largest demographic in the workforce, financial advisors urgently need to adapt and take a more holistic approach to their services.

    Particularly with millennials having an increased reluctance to seek advice from traditional financial institutions: when asked about whom they would seek advice from, 49% of those surveyed said they would go to a financial adviser or planner first, and only 3% would hit up a bank.

    Wealth Enhancers strive to share their millennial expertise with fellow financial advisors through their WE Coaching Academy - a training program meant to create a movement of like-minded people, equipped to help millennials become more financially free, living a life driven by their personal goals and values.

    "When we first started Wealth Enhancers, there was no-one dedicated to purely providing advice to millennials. In fact, there was really no-one who even knew how to provide to millennials. We’re now in a position where we have a proven process for millennials that works. We want to share this with as many professional advisers as possible, as we need the whole advice industry in Australia to help our generation." said Finn Kelly, co-founder and CIO of Wealth Enhancers.

    Read the “Millennials & Money” full report here: http://wealthenhancers.community/wp-content/uploads/2018/07/Millennials-Money-Survey-Findings.pdf

    Aus: Zoe Winther, zoe ( @ ) pickfordmedia dot com
    International: Theo Gation, theodora ( @ ) wealthenhancers dot community

    WE are Australia's most experienced Financial Advisors for Millennials. We work with high-achieving millenials who aren’t settling in life, but chasing down their dreams and making them reality. We’re going places. Becoming a member gives you exclusive access to our community, along with:
- Coaching and accountability. it doesn’t matter how good you are now, you can always be better and you know it. WE keeps you on track and striving.
- Financial advice. this is WE’s bag, ensuring you make good decisions with your money, that are in line with your life goals and your values.
- Delivery. WE make it happen for you through implementation of their recommendations and taking care of the financial administration. you don’t have time for that sh*t.

WE members are pumped full of motivation. We’re good at what we do, whether we’re professionals double-stepping the corporate ladder; sports or entertainment professionals at the top of our game; entrepreneurs ahead of our game; or even WE team members. We recognise that managing our money is integral to living our desired lifestyle and fulfilling our goals. WE eases the pressure and helps our members achieve this, ensuring that every decision they make aligns with their values and purpose in life.

    Finn Kelly is the Chief Investment Officer and co-founder of Wealth Enhancers, an award-winning, full service private wealth management firm for millennials. He has been recognised as one of Australia’s leading young entrepreneurs, in business and the finance industry, being the recipient of multiple awards including the AIM National Young Manager of the Year and the prestigious Money Management Fund Manager of the Year award. He has also been recognised as one of Australia’s top 30 entrepreneurs under 30 three times.

    Finn’s purpose and passion for life has driven him to build businesses that are game-changing and focused on helping individuals and businesses determine their values framework and have a positive impact on the world.

    Sarah is a serial entrepreneur and investor in startups, having founded eight companies since 2009. Following several successful exits, she is currently the CEO of Wealth Enhancers and Grow My Team (global recruitment), and sits on the Board of League of Extraordinary Women. She is personally fuelled by a passion for community, gender equality and living life on one's own terms.

    Sarah is a speaker, blogger and author of Get Rich Slow, appearing on TV and writing for many popular publications. Recently recognised as the IFA Thought Leader of the Year, Sarah was also named as one of Melbourne’s Top 100 most influential, inspiring and creative citizens by The Age, and listed in the Top 50 Female Entrepreneurs under 40 by Shoestring. She holds a Bachelor of Business (Financial Planning) and several diplomas.

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