If the data below is the case why are the investment management platforms not targeting this demographic, particularly the students?
According to HESA there were roughly 750k students at Universities in 2015/16 and STS research believes the average student has saved £475 … that is more than £356 million each year of investment potential.
Banks have been enticing the younger demographic into their branches through railcards for years, however surely it is time for the likes of Fidelity, Selftrade, Interactive Investor, Vanguard to start building their future investment pipeline.
I have no doubt the data by itself would be valuable, let alone the modest investment, which would be lucrative almost immediately for investment platforms.
Personally I use Fidelity, I wish I had got to grips with this at the start of university (big confession) and to any student or ‘millennial', I can't recommend taking advantage of funds and compound interest enough - as Albert Einstein famously stated: “Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn't... pays it.”
UK millennials are the 'most valuable' demographic group to financial institutions, with the average millennial wallet size now 40% greater than the wider UK adult demographic, research by Telstra has found. The technology company found UK millennials' average wallet size - which Telstra defined as the sum of savings, deposits and loan holdings - has now overtaken all other demographic segments by the largest margin compared to other countries studied. In the UK, the average millennial has a wallet size of £63,528 compared to other adult demographics that had an average of £45,489.