Chasing the Gen Y Dollars

A new report out from KPMG titled 'Beyond the Baby Boomers - the rise of Generation Y' looks at the way the global funds management industry engages with Generation Y both as customers and employees. The observations are summarised as follows:

1. The industry has spent too much time focusing on the asset rich baby boomers and not enough on the emerging market segments such as Gen Y.

2. Mediocre people have looked good with strong easy growth markets - now they will be tested more on demands from the emerging accumulators with short attention spans.

3. Power is shifting to the employees, with high employment levels and skill shortages emerging.

4. There is no consensus on how to engage with Gen Y.

5. A quarter of businesses have over 30% turnover of Gen Y staff.

6. There are big gaps in education of Gen Y on financial planning matters. Finance 101 needs to be on the school curriculum.

You can access the report at http://www.kpmg.com.au/Default.aspx?TabID=698&KPMGArticleItemID=2535

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