Generational difference isn’t a new story – every generation thinks differently about money, and it’s easy to slip into well-worn stereotypes. But behind the clichés, something more meaningful is happening.
Millennials and Gen Z – the next generation of earners, savers and investors – are coming of age in a world very different from the one their parents started out in. They’ve weathered financial crises, soaring living costs and a housing market stacked against them, all while growing up in a digital-first era that values speed, transparency and purpose.
Those same expectations now shape how they approach their finances. They want clarity, control and connection. And wealth management is no exception.
So, what does that mean for the firms who want to serve them?
A generation shaped by uncertainty and change
Unlike their parents, who often benefited from cheaper housing and more generous pension schemes, Millennials and Gen Z have come of age in a much tougher financial climate. Successive downturns, a housing market where prices vastly outpace earnings, and the rising cost of essentials like childcare and rent have all shaped their attitudes to money.
Many start their financial lives on the back foot, juggling rising living costs while struggling to save for milestones like home ownership. According to the Office for National Statistics, the average home in England now costs 7.7 times the median annual earnings of a full-time worker. At the same time, childcare costs consume around 19% of UK household income, one of the highest proportions in the developed world (The Independent).
It’s no surprise, then, that the Deloitte 2025 Gen Z & Millennial Survey found almost half of both generations don’t feel financially secure, with many living paycheque to paycheque. This sense of fragility shapes how they approach saving and investing. For many, wealth isn’t about building a comfortable retirement decades away – it’s about balancing short-term financial survival with long-term planning, all while feeling more financially stretched than their parents ever were.
Yet despite these challenges, there are reasons for optimism. Research by Stratiphy found that younger UK adults are twice as likely to invest as over-55s, showing that many Millennials and Gen Z are determined to build wealth – even in a landscape that makes it harder to do so.
Inheritance and the great wealth transfer
Many hope that the so-called ‘great wealth transfer’ will help change these fortunes. Baby Boomers and older generations are expected to pass down unprecedented sums of wealth to their heirs in the coming decades – an estimated $106 trillion globally through 2048. This massive intergenerational wealth transfer could alleviate some of the financial strain on younger investors (helping, for example, with buying a house or bolstering retirement savings). However, it’s far from a solution for everyone – not all will benefit equally, and economic headwinds like high inflation and living costs aren’t going away.
There’s also a catch for traditional financial services: younger heirs aren’t guaranteed to stick with their parents’ advisers or banks. In fact, research by Deloitte found that 90% of heirs change financial advisers after receiving an inheritance. The next generation will bring totally different challenges and expectations to the table, and they won’t hesitate to vote with their feet if their needs aren’t met.
The takeaway is clear - firms that fail to connect with this generation will see assets walk out the door as wealth changes hands.
Retirement, redefined
The traditional notion of retirement – working until your mid-60s and then stopping entirely – is already fading. Younger generations know they can’t rely on the old defined benefit pensions that once guaranteed a set income for life and have now largely disappeared from the private sector. Auto-enrolment in workplace pension schemes has helped get people started, but it won’t close the gap by itself.
According to Standard Life’s Retirement Voice report, two-thirds of Millennials (66%) worry they aren’t saving enough for retirement. Many expect to work longer or in different ways later in life – perhaps shifting to part-time roles or ‘unretiring’ if needed. Retirement may become a phase of life that stretches over decades, with people transitioning gradually rather than stopping work overnight.
For advisers and wealth managers, this shift is both a challenge and an opportunity. The next generation of investors will need more flexible plans: portfolios that adapt to changing timelines, tools that support phased withdrawals, and advice that reflects a more fluid financial journey. In short, retirement planning – as with all financial planning – will likely become more dynamic and personalised than ever.
Convenience is the new baseline
In almost every part of life, convenience is now expected as standard. In an age of near-instant gratification, a slow or cumbersome interface is enough to turn away would-be customers. And this extends to banking and investing: if opening an account or executing a trade feels like a paperwork marathon, younger investors will find a faster, digital alternative.
Investors – especially younger ones – expect to see their portfolios update in real time, not “in three to five business days.” They want mobile-first experiences, accessible 24/7, with clear visibility of fees and performance. A service that isn’t always-on feels archaic to a generation used to Amazon and Netflix levels of availability.
Less loyalty, more choice
If purpose and convenience are priorities, brand loyalty is not. Unlike older generations who might have stayed with one bank or adviser for decades, younger consumers are far more willing to shop around. They’ll switch providers for a better rate, lower fees or a smoother experience. PYMTS reported that in the UK, Gen Z consumers routinely open multiple bank accounts – sometimes chasing sign-up bonuses – and will often use separate apps for different purposes rather than relying on a single institution. This is a generation comfortable with mixing and matching providers to get the best of each.
The barriers to switching have also fallen (thanks to services like the Current Account Switch Service) and trust in big tech and fintech is on the rise, with the younger cohort more open to banking beyond traditional banks. According to PwC’s “Opening up for the digital fast lane” - 4th European Payments and Open Banking Survey 2025, nearly 70% of UK consumers now say they’d consider banking with a non-bank provider – think Apple, Google, PayPal – double the proportion from just two years ago. That’s a fundamental shift in expectations and trust: people will gladly manage money with whatever platform offers the best combination of convenience, value, and personalisation, whether it’s a decades-old high-street bank or a brand-new fintech app.
Fintech and the future of wealth management
So, what does all this mean for the wealth management industry? In essence, firms need to reimagine the investor experience through a modern, tech-enabled lens. Fintech innovation isn’t just a ‘nice to have’ – it’s becoming the price of entry for engaging younger investors.
Some incumbents are modernising, but it’s often the fintechs setting the pace. Take Monzo, for example: the digital bank recently passed 13 million customers – a milestone that speaks volumes about where people want to do their banking. Platforms like Monzo and Revolut have built loyalty by delivering speed, simplicity and transparency. Their success sends a clear message: if you build it – and make it seamless– they will come.
Digital-native investors are more engaged when they can check their portfolio on the same device they use for everything else, when the UX/UI is intuitive and when the service is available 24/7 with real-time information. This growing demand for an always-on experience is driving the shift toward embedded investing – integrating investment capabilities directly into the apps and platforms people use every day – as a strategy to engage younger, tech-savvy customers, on their terms.
It’s part of a wider blurring of boundaries: between saving and investing, between banking and wealth, and between human and digital advice. Personalisation will increasingly sit at the centre, powered by data and AI. The future wealth consumer will demand services tailored to their situation in real time – whether that’s an automated nudge to save a little more this month, or a portfolio tweak because their goals changed. Those firms that rise to the occasion – that make investing feel effortless, accessible, real-time – have a tremendous opportunity to not just meet expectations but drive deeper engagement. An in-app investing experience or slick digital interface can turn what used to be an annual review or quarterly paper statement into a daily interactive habit.
How technology makes the difference
Technology-led, digital-first solutions are the only way to deliver the instant, intuitive and hyper-personalised experiences future investors will expect - and this is where modern API-driven infrastructure comes in.
Whether it’s a banking app adding investing alongside savings, or an advice firm creating a seamless client journey that links onboarding, portfolio management and reporting, the use of embeddedtechnology allows wealth to be delivered in ways that feel natural to users – integrated, interactive and in real time.
It’s this interoperability that lets data flow, insights surface and new tools – from open banking integrations to AI-powered rebalancing – plug in without friction. The firms that embrace it will move faster, adapt sooner and stay relevant longer.
And that’s where Seccl comes in.
Our API-first infrastructure helps fintechs and advice firms build and scale modern, connected investment experiences – powering a wealth management industry that’s fit for the future, and the generations who will inherit it.