Financial services providers failing to connect with millennial generation

According to new study by BNY Mellon & the University of Oxford

Millennials twice as likely to turn to parents for financial advice than to banks 59 per cent of millennials say products are not targeted at them Less than one per cent want providers to contact them via social media

• 59% of millennials believe they haven't seen products targeted at people like them. Millennials want products that demonstrate clearly that they are being rewarded for tying up their money;

• Asked how their contact with financial services providers could be improved, less than 1% of millennials want financial services providers to connect with them through social media;

• Just 16% of millennials in Japan believe they will be able to access the same sources of retirement income as their parents, compared to 84% in Australia. While millennials often have similar attitudes to saving for retirement, there can be huge variations from nation to nation;

• 84% of millennials in Brazil aren't aware of the tax efficiencies pension savings offer, compared to 42% in the Netherlands.

"This study of millennials by millennials reveals the disconnect that the financial services industry has with this generation," said Janet Smart, Undergraduate Course Director at Said Business School. "The challenge for insurers is to find new ways to engage millennials, so as to improve their level of financial understanding and build their commitment to retirement planning."