Create the financial future you want
Planning for your financial future is important, especially when you have time on your side. Not sure how? At RBC Wealth Management, we combine our in-depth knowledge with innovative technology to guide you.
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RBC Wealth Management surveyed 1,000 high-earning and high-net-worth millennials to understand their needs, wants, pain points and preferences when it comes to money management. Here’s what we found:
Eighty-four percent of millennials agree they spend a lot of time thinking about their financial security, but many are unsure of what they need to do to attain it.
Eighty-four percent of millennials say it’s important to consider environmental, social and governance (ESG) factors and that ESG investments are an integral part of their investment strategy.
Fifty percent of millennials plan to retire before age 65–but they don’t want their parents’ retirement. Many seek to establish passive sources of income—or side hustles in the gig economy—and reinvent themselves in retirement.
side hustles
When you define your financial goals, it’s easier to plan for, act on and achieve them. In the RBC Wealth Management survey, we identified three common goals millennials have. Do they align with yours?
Identify strategies to help you take your finances to the next level—and compare your answers with the results of RBC Wealth Management’s The millennial mindset 2021 survey.
Twenty-six percent of millennials agree with you about not knowing what to do with the money. Most respondents chose adding it to their investments, followed by purchasing an investment property.
You’re in good company. Most respondents—76 percent—chose to add the money to their investments, followed by purchasing an investment property at 48 percent.
Forty-six percent of survey respondents would also consult with a financial advisor about their influx of cash. Most millennials chose adding it to their investments, followed by purchasing an investment property.
Starting a business is a great idea—one that 40 percent of respondents share with you. Most of the millennials surveyed chose adding the money to their investments, followed by purchasing an investment property.
We’ve created a wealth insights report to understand the next generation’s needs, wants, preferences and their relationship with money management.
Newfound wealth affords endless opportunities—but in order to protect your assets, you need to take time to plan.
High-earning millennials defy their generational stereotypes when it comes to managing finances.
So if asking the right questions about ESG is the key to unlocking a sustainable financial future, which ones should you be posing to your advisor?
Create your ideal financial future with help from an RBC Wealth Management financial advisor.
The millennial mindset survey was conducted in December 2021. Respondents were born between 1981 and 1996 (millennials) and residents of the U.S. Of the 1,000 survey participants, 750 are high-net-worth (defined as having investable assets of more than $1MM) and 250 are high-earning (defined as having $250K+ in household income and between $100K and $999K in investable assets).
Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.
RBC Wealth Management, a division of RBC Capital Markets, LLC, registered investment adviser and Member NYSE/FINRA/SIPC.