According to a recent study by Barclays on intergenerational wealth management, millennials are turning their elders towards sustainable investing.
7 out of 10 wealth creators say that millennials have influenced them to invest more sustainably, suggesting that the younger and more environmentally-conscious generation has successfully got their elders on board with considering ESG factors when investing, impacting the way their family manages its wealth.
The study was conducted by Savanta for Barclays Private Bank during the second trimester of 2020. 402 wealthy families from Europe, Asia, and Saudi Arabia participated in the study.
>> MORE ON THE TOPIC : Are Millenials ready to take over the family business?
Are all generations on the same page?
The older generation recognises many factors fuelling Millenials’ environmental consciousness. 57% acknowledge a generational value difference, 47% say that social media has a role to play, while 40% of participants also mention a difference in educational background. 61% of participants also agree that Millenials’ more risk-taking nature has made them reconsider the way that they themselves invest.
In any case, a generational difference is clear. In fact, 50% of Millenials say their financial objectives are not understood by the rest of the family. However, the study also points out that it is wrong to assume that being environmentally conscious is a quality exclusive to generation Y. 4 out of 5 participants say they value sustainable investments, with only a slight fluctuation between age ranges. 81% of under 40s agree with the statement, and the number only drops to 77% between 41 and 60, rising again to 86% in participants over 60.
>> MORE ON THE TOPIC : Covid-19 : did the pandemic change the way the ultra-rich invest?