Members of generation Z are most likely to ask friends and family for retirement advice, while baby boomers are most likely to be asked for advice, according to Roy Morgan.
Research on retirement planning revealed nearly one-third (30 per cent) of generation Z – born between 1991 and 2005 – are ‘info seekers’ when it comes to asking family and friends for advice about retirement planning, nearly twice as high as for any other generation.
Just under one-fifth of millennials (18 per cent) ask friends and family for advice about retirement planning despite being aged in their 30s and having another three decades in the workforce ahead of them.
Across other generations, only 13 per cent of those in generation X and 14 per cent of near-retirement baby boomers ask friends and family for retirement planning advice, and only 8 per cent of pre-boomers who are largely already retired ask friends and family for advice.
Baby boomers now largely aged in their 60s lead the ‘trusted advisers’ cohort on retirement planning, with 14 per cent approached for advice by family and friends.
On the other hand, only 8 per cent of generation X, 7 per cent of pre-boomers and millennials and just 4 per cent of those in generation Z are considered trusted advisers by family and friends.
Roy Morgan chief executive Michele Levine said the high percentage of generation Z seeking retirement planning advice demonstrates it is never too early to begin structuring one’s working life to reap benefits in retirement.
“Although the aggregate banking and financial assets of generation Z of around $120 billion are significantly lower than older generations such as millennials ($900 billion) or generation X and baby boomers (each over $1.5 trillion), these results show that banking and finance companies looking for new customers need to target younger Australians as they enter the workforce rather than wait until these workers settle into working life and build their wealth,” Levine said.
