Millennials – The Forgotten Generation In Wills And Probate
‘The Will Writing Industry in 2018’ report found that 45% of the UK now have a Will, this has increased by 6% from the 39% recorded in 2017. However, this is impacted by the 75% of people aged over 54-years who do have a Will.
However, when you look into the Millennial Generation, only 12% of people aged under 34-years have made a Will.
Following our recent webinar ‘The Changing Buying Habits of the Generations in Wills and Estate Planning,’ our respondents shared that 50% were mainly targeting the Baby Boomer generation, or those aged over 54-years. 35% were focusing on Generation X and those entering the realms of retirement, whilst 15% were looking at the Silent Generations, or the 78% of retirees that make a Will.
Shockingly, there was not a single delegate focusing their attention or targeting their business towards Millennials, even though 19% of the respondents were of this generation themselves.
Millennial key life triggers
When you consider the life changes that Millennials are living through now, the implementation of a Will becomes crucial.
The trigger points that may influence a person to write a Will, highlight exactly why Millennials should not be overlooked. The average age for a person getting married in the UK is 31-years-old. As Millennials begin to enter this age bracket and beyond, they will live through marriages, children, divorce and re-marriage; life events that should require a valid Will to ensure the best interests of the people they love are considered.
Similarly, this age group are asset accumulators, with the average age of a first-time-buyer now reaching 30-years-old. When you consider the life events that involve sharing assets or bringing up children, the importance in making a Will becomes clear.
Despite these changes, only 26% of parents with children under the age of four have a valid Will, whilst only 42% of parents with children under sixteen have made a Will.
Why don’t Millennials have a Will?
‘The Will Writing Industry in 2018’ found that 41% of Millennials are deterred from making a Will because of constantly shifting family circumstances. They have a lot going on and none of the marketing and reasons for needing a Will are directed at this audience – they are not getting the message. Although it may be reluctance on the part of the Millennial to consider after life planning when they are yet to reach their midlife crisis, Wills and probate professionals should still see this generation as a key target and encourage them to use a Will.
How to target a Millennial? As a profession, it is imperative to consider the buying preferences of this market sector in order to cater to their needs more effectively. Today’s younger consumers live in an era of instant gratification; they require instant quotes and immediate face to face communication, usually through online mediums. Mostly through their mobile phone!
Their lives are inextricably tied to social media whether that be Facebook, Instagram, LinkedIn, Twitter, they can communicate instantly and cheaply – using FaceTime instead of a telephone.
Embracing technology like Chatbots, mobile friendly websites and social media will ensure that their concerns and needs are met when they require it. No longer is it acceptable to give a reply to an email within 24 hours – the Millennial wants it now!
Additionally, providing clear and transparent information on price and service could also cater to the needs of this consumer and convert potential enquiries into actual business.
If you consider that Generation Z is going to be even more reliant on technology and innovation than previous generations, adapting your business now will position your company really well for the future.
Moreover, you will be helping under supported generations to protect their interests through an up to date Will.
Please watch the recording of the above webinar if you would like any further information and tips on attracting this generation.