Key Market Segment Demands Digital Capability

By ASPPA Net Staff • August 07, 2017 • 0 Comments
Digital capability is central to increasing the size of retirement assets, a recent article argues, and this is at least in part due to the increasing presence of Millennials in the workforce.

In “Why the Future of Retirement Savings Is Digital,” Financial Planning Senior Editor Charles Paikert . He cites A.T. Kearney partner Bob Hedges who remarked at a recent conference that while older consumers are more affluent, Millennials already “have a larger share of the available market” and also are more willing to move their assets and respond to service providers’ digital capabilities.

This takes on added importance, says A.T. Kearney, since it found that saving for retirement trumped day-to-day expenses, reducing debt and saving for future events for Millennials. And Paikert cites A.T. Kearney partner Monica Gabel, who says that service providers should “leverage their technology” as a result of Millennials’ prominence and preferences.

Not only that, says Paikert’s piece, Millennials are more willing to enlist the services of firms attuned to digital platforms and electronic services than their older counterparts.