"Generation Lost: Engaging Millennials with Retirement Saving" is a new study by BNY Mellon and Cambridge Judge Business School, University of Cambridge that surveyed 1,253 millennials between July and September this year. In this extract from the study, BNY Mellon’s Greg Roath, Asia-Pacific Head of Global Client Management, talks about the challenges facing millennials in Asia.
For many countries in Asia, Millennials have grown up in a period of strong relative growth where regional economies have prospered economically and a general optimism about the future has grown.
Their expectations and aspirations are therefore very different to those of previous generations. In Asia, Millennials today are better educated and more technologically capable than previous generations. This technological focus means Millennials expect transparent fee structures, competitive product offerings and ease of access via digital channels.
However, traditional family values remain strong. Previous generations are expected to continue to be the primary source of information concerning savings, wealth, and insurance products. Savings rates among Millennials in Asia remain high and Asian Millennials recognize that businesses must assist with social issues and that governments alone cannot solve issues impacting their futures. These factors present a strong opportunity for insurance companies in Asia to both meet the needs of Millennials while seeking regulatory change to create effective and attractive savings products.
To view the report, please click here.