According to new research, the Millennial age group (aged 26-37) was more inclined to take professional financial advice than the over-55 Baby Boomer group.

Among Millennials, a third (33%) were likely to use a service which includes a mix of adviser-managed decisions and their own. A similar proportion (31%) used a portal where all investment decisions were made for them.

The research from stockbroker Schwab UK found that investors that used online platforms to monitor their portfolios were almost twice as likely to have made gains in the past three months.

Overall the survey found younger investors were more engaged with their investments and more likely to take action.

Younger investors made the most use of online investment platforms with 69% of investors aged 26 to 37 managing their assets digitally. Only 28% of investors over the age of 55 made use of online platforms.

Millennial investors were also more likely to have used market volatility to seek out new opportunities. Almost a quarter (24%) increased their holdings in stocks and sectors which had fallen in recent weeks.

Richard Flynn, UK managing director at Charles Schwab, said: “Coronavirus has caused volatility in markets across the world, causing a degree of uncertainty, inertia and panic amongst retail investors. However, it appears that older investors in the UK could be facing more significant losses than other age groups as they are not regularly engaging with their money.

“While often maligned as inattentive and averse to investing, Millennials are subverting performance expectations through digital savviness, willingness to consider advice and taking an active role in their financial future.”