The Rise Of The ‘Freemium’ Millennial Mindset

The Rise Of The ‘Freemium’ Millennial Mindset

The “freemium” millennial mindset is reframing how financial institutions need to service their clients.

Earlier this year, Capgemini examined nearly 3,000 high net worth individuals (HNWI). It found that millennials coming into wealth are far more price-sensitive than the previous generation, especially in a bear market.

Younger HNWIs are less willing to pay for straightforward access because they expect it for free in exchange for data or deposits.

About half of millennials surveyed said they had changed their primary wealth management firm in the past year, with high fees and lack of digital expertise among the top reasons. Over 70% of high-net-worth individuals have invested in digital assets, and for those under the age of 40, that number rose to 91%.

The research shows a growing demand for hybrid advisory and wealth management services. Demand for self-directed tools is growing, the global pandemic removed the dependency on face-to-face contact creating a dichotomy between full-on digitisation and personal advisory.

E-money institutions like Privat 3 Money Ltd are catering to this shift in habit, embracing a hybrid approach that focuses on value and accessibility, putting control into the hands of our customers.

To find out more about P3 and what we do, visit our website via the link below.