Big fans of technology

Millennials are digitally savvy. They will engage with advisers and with their investments online and make extensive use of apps to organise and track their finances They’ll quite happily transact online, on the go, says Matt Heine.

“They’re almost twice as likely as the rest of the population overall to manage their investments online at least weekly, and they are a lot more likely to manage their super online via a website or app.

“One of the risks for millennials is that they’ve grown up in an environment where cash is increasingly invisible and many have no concept of money or the exchange of money. The tangibility of cash has disappeared, but technology has given them new opportunities through budgeting apps and platforms and new trading solutions,” says Heine.

“As digital natives, they will also be comfortable trying new online services. They are early adopters of tech services. We have seen this in the rise of the online trading platform Stake in Australia (or Robinhood in the US), which promises free trading and encourages high-frequency and often risky trading.

“There’s the rise of platforms like Coinbase, which supports the decentralised trading of cryptocurrencies, Afterpay, which is the new digital credit card, and platforms like Netwealth, which allows people to invest their superannuation balances in ETFs and international equities,” he says.

According to Hare, some of the investment apps he often sees with his clients are Raiz, Upstreet and Spaceship.