Over half of 25-34-year olds (53%) are comfortable using an online service to manage their personal finances, according to a recent survey.
Research by Altus – which surveyed 1,000 UK working adults across the country – also revealed that 51% of 35-44-year olds were comfortable using an online service to manage their personal finances, while just 47% of 45-54-year olds and 38% of over 55s felt the same.
In addition, 54% of 25-34-year olds who were comfortable with using an online service were also happy to share information on all of, or a combination of, their savings, investments, pensions, other assets and their debts.
This dropped to 49% of 35-44-year olds and 44% of 45-54-year olds, while just 35% of over 55s said that they would be happy sharing this information.
Despite this, 85% of millennials who were comfortable with using a digital/robo savings and investment service want it to provide access to a person via webchat or phone during and/or after they had made the decision to invest.
This figure was higher than all other age groups.
“It’s interesting to see that, while the younger generation is open to managing their personal finances online, they are more likely to expect, and want, a human interaction as part of this offering,” said Simon Bussy, domain director of wealth at Altus Consulting.
“We still live in a world where many people still like the reassurance of speaking to a human during the decision making process, and I don’t expect that to change any time soon.
“Organisations need to focus on developing a hybrid service, augmenting the undoubted benefits of technology with the empathy and understanding that people bring.
“We’re already seeing forward thinking organisations working hard to combine human interaction with best-in-class technology solutions at different points in the process, meeting consumer demands and lowering costs, making them more accessible to all.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
British Business Bank UK Network aims to improve funding awareness across UK
The British Business Bank UK Network will help to improve awareness of funding options across the UK by directly approaching business finance professionals...
Building with confidence in challenging times
It is difficult to think of a time in the past three decades when the chasm between the interests of UK business and the Palace of Westminster has been more exposed than the Brexit debacle...
Real Property Finance passes £100m in deals with Cambridge & Counties Bank
Cambridge & Counties Bank has provided more than £100m of loans for the clients of Real Property Finance (RPF)...
Metro Bank reports 48% increase in lending
Metro Bank has reported that its lending increased by 48% in 2018 compared with 2017...
Metro Bank appoints Luke Lloyd-Davies to advisory board
Metro Bank has appointed Luke Lloyd-Davies to its advisory board...
OakNorth: how some of the entrepreneurs we’ve lent to first got started
For many, the new year brings with it new possibilities and the chance to explore new opportunities...
Hanley Economic BS to push self-build offering
Hanley Economic Building Society is set to commence an extensive 2019 self-build campaign as it aims to engage with growing numbers of self-builders...
NatWest offers Esme Loans directly to its SME customers
NatWest will now offer Esme Loans products directly to its existing SME customers...
OSB appoints new NED
OneSavings Bank has announced that it has appointed Sarah Hedger as a non-executive director, with effect from 1st February...
Tandem Bank reaches 500,000 customers
Tandem has announced that it has reached 500,000 customers one year on from being granted a full banking licence...
Bank Leumi UK appoints new head
Bank Leumi (UK) has appointed Sarah Ryman (pictured above) as its new head of premier banking and liabilities...