Millennials tend to look upon their Baby Boomer parents as friends and mentors, and in a recent UBS Investor Watch survey, three out of four in the younger generation said their families have given them financial support after college. And while 8 of 10 Boomers say they’ve been happy to provide that help, their children’s experience is in sharp contrast to their own. Just 35% of Boomers say they got continued financial help from their own parents.
Those generational differences are also reflected in how the two groups view some financial principles, such as the benefits of a long-term investing strategy. Many Millennials say they’re put off by the risks of investing, and three quarters are unhappy with their investment portfolios.
UBS Financial Advisors are experienced with generational issues and take the long view. If you're a Millennial concerned about your finances, or a Boomer parent seeking additional ways to help your children, ask your Financial Advisor how better planning can help build a sound financial foundation for the future.