That was the conclusion of researchers carrying out a study for Legg Mason.
Some 46% of UK Millennials surveyed said they were keen to use their smartphones to do all their Financial Planning – the highest in Europe.
The Legg Mason 2017 Global Investment Survey assessed the views of 15,300 individuals around the world.
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Nicknamed in the study as “Generation App”, Millennials’ use of technology has been far greater than previous generations, such as the baby boomers, with 93% using their mobile phones to access the internet. This compares with just over half of baby boomers (52) who have yet to embrace smartphones to the same degree, with many instead relying more on home PCs to access the internet.
Justin Eede, head of Europe and Americas distribution at Legg Mason, said: “Services that have traditionally always been delivered face-to-face are now becoming automated, and the use of smartphones for Financial Planning is another step in that direction.
“Indeed these statistics reveal the extent to which the demand for fully digital solutions is growing among the younger generation and it will be interesting to see how financial services businesses respond to the challenges this presents.”
While 28% of all UK respondents want to do all their planning via their smartphone, 45% said they do not.
Overall, only 16% said they were in favour of either technology-only financial planning which has no human interaction, or a proposition that is technology-led but has some human interaction supporting it.
In Asia, where 47 were in favour of the digital approach and just 15% were not, while in the US the split was more equal, with 42% for using their smartphone as the sole means of Financial Planning, and 39% against it.