Allen Pierce Equity Partners is an independent financial institution. Recently, the company surveyed Millennials about their money management. The results show a different outcome than had previously been perceived.
Tianjin, China–(Newsfile Corp. – November 21, 2022) – Allen Pierce Equity Partners, in the latest development, conducted a research survey of over two thousand 25- to 40-year-olds across genders, races, and countries. While millennials are often accused of being frivolous or lacking financial management skills generally, a recent report by the financial institution indicates differently.
The survey showed that of those that responded, 86% think seriously about their financial future, although many seem unsure of what action they need to take. The Chief Executive Officer at Allen Pierce Equity Partners, John Allen, expressed his views about the recent survey by stating,
“We decided to carry out this survey to understand how we, as providers of global wealth management solutions, can better cater to the needs of wealthy millennials who will be the next generation of major investors.”
Upon the different conclusions of the survey, he further added,
“Our results indicate that millennials have a good amount of trust in financial managers. With countless wealthy Millennials expected to benefit from inheritances or come into money from the sale of a business, their advisors will need to be a reliable and trusted resource for information and guidance.”
During the survey, Allen Pierce Equity Partners came across the following factors that significantly impact decisions millennials make while managing their money:
- Managing Obligations
While millennials state that seeking professional advice is essential, as many as 63% said they found it challenging to find the time to arrange their financial future while managing their many obligations, such as buying a house, etc. Another hurdle for millennials to overcome is a need for more understanding of what to do after clearing debt, saving for emergencies, and funding pensions. Some 74% said they were still determining their next step.
- Future Planning
The main aims of respondents to the survey include establishing their long-term financial security by investing and saving, with 74% indicating they would like to have the same things their parents have but are finding it too costly. The Allen Pierce Equity Partners survey reported that 36% pointed to the stock market as their leading goal, with 35% preferring to save for retirement. In addition, almost one-third (31%) said starting their own company was their primary financial ambition.
“Millennials have an entrepreneurial outlook, and many seek ways to generate other income streams through owning a business, investing in property, or taking side jobs,” said Allen Pierce Equity Partners’ CEO.
Work-life balance was another critical issue for millennials, with 59% saying that a healthy work-life balance is “very important.”
- Sustainability
As they’ve grown their…
