I recently shared with you a taste of our latest survey of digital generation, or Generation D, investors. Now it’s time to take a deeper dive into some of what we found when we spoke with Gen D investors in Europe. Over the next three weeks, I’ll get into the findings, but first, let’s take a closer look at this always-on generation.
Exploring the landscape
We surveyed 1,200 individuals between the ages of 22 and 65. Millennials comprised 37 percent of respondents, Generation X accounted for 31 percent and Baby Boomers 33 percent. The spectrum of respondents included mass market, affluent, and high- and ultra-high net worth individuals who ranged from relatively new to wealth management to those in long-standing relationships with wealth managers.
A segment worth getting to know
Generation D spans socioeconomic lines and represents an estimated up to $22 trillion market opportunity across the seven European markets where the study was conducted. Yes, you read right—$22 trillion!
Gen D investors rely on digital services as part of their everyday life. They represent nearly 140 million people and up to 60 million investors. They also are:
- Well educated—82 percent have a bachelor’s degree or higher.
- Entrepreneurial and self-reliant—88 percent described their wealth as earned or self-created.
- Highly digital—80 percent log on routinely for simple services, such as online bill pay and other banking services. More than 75 percent use social media more than once daily.
- Interested in furthering their investment knowledge—67 percent are somewhat interested in learning more about investing.
When we look at these numbers, it’s clear: the growing reliance on digital technology in all aspects of consumer life is making its way into the wealth management industry. Just how much will this trend affect firms and advisors? Join me next week when I look at what we found when we explored whether digital threatens or enhances the existing traditional service model.
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