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Millennials and savings

Millennials and savings: attentive and target oriented

Millennials are a generation that is attentive and focused on its savings target. They are young people born between 1981 and 1996 and aged between 24 and 40, who are characterised by a high propensity to use digital tools.

This is what emerges from a survey conducted by our Wave-FX team.

Millennial savers: this is how they behave

Millennials are smart but ambitious savers and set targets close to 6,000 euros on average over the medium term (894 days). However, for the Millennials, the rate of achievement of the targets is lower than the average: it is around 23% compared to the generic 30%. It can also be seen that the targets actually achieved by Generation Y are 27% lower than the average, probably indicating a lower availability of liquidity. 73% of Millennials also set at least one non-generic savings target, usually coinciding with the start of the new year and the return from summer holidays. 53% choose a medium to high level of risk in their choice of fund to invest in. Analysing the purposes for which millennials save, it emerges that they are linked more to a single experience than to long-term planning. Among the most suitable categories are travel (26%), projects for themselves (11.6%), car/motorbike/bike (6.5%), annual maturities (6%), financial products (5%). Projects such as home and wedding are in seventh and tenth place with percentages of 3.7% and 2% respectively. 3.5% of the millenial objectives are dedicated to loved ones and only 1.5% are dedicated to training projects. Millenials have taken the opportunity offered by Wave-FX to experience the world of asset management in a smart and digital way. Our goal is to break down the barriers to entry into a world historically dedicated to wealthy asset holders. We believe, in fact, that finance should not be a taboo, but a tool that anyone can easily start using to manage their savings in an optimal way. The steady growth in the number of young people among our clients shows how the younger generation is increasingly aware of the issue and ready to use digital tools to approach this world.

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