Debt-ridden millenials are the ideal candidates for financial advice, according to a a leading financial software provider expert.
A spokesman recently insisted young people with loans must seek financial advice now, and not wait once they have finally accumulated wealth.
He said: “Although most young people have not accumulated wealth just yet, many have very complicated financial pictures due to the amount of debt they may be carrying, whether it stems from student loans, credit cards, or car loans.
“Before they can accumulate wealth, they need to know how they should spend their money. This makes them perfect candidates for financial advice.
“An adviser who provides planning-led advice can first educate them and then help them get on the right track to meeting short and long-term financial goals.
“Younger clients can focus on simpler goals like creating a budget or maintaining an emergency fund, while working with their adviser on strategies to maximise their ability to save.
“Most importantly though, the earlier you start good savings habits, the more time you have to build a nest egg that can help you fund your future financial goals.”
He said having an accurate understanding of how markets have performed in the past combined with an understanding of one’s own time frame for retirement might encourage young people to take on more risk in their portfolios.
He added: “The guidance of an adviser may provide some piece of mind as well. It is always easier to make financial decisions when you realise you are not alone and working with an adviser who has your best interests in mind.”
At ABFM we are building up a reasonable sized client bank of younger people who seem to appreciate the good honest approach we take when talking to them. It is my belief that Pension Freedoms has made a huge difference to the attitude of all investors no matter their age. A huge difference from 10 and 20 years ago.
Why not give us a call and have a chat with an Adviser.