Australian millennials have taken to robo financial advice

Australian millennials are dominating when it comes to using robo-advice to get ahead with their money, according to the latest Robo-advice Report from Investment Trends.

The study is based on a survey of 10,000 online investors and 1,425 financial advisers between February and December 2017 across Australia, the US, the UK, Spain, Germany, France, Singapore and Hong Kong.

In Australia, robo-advice has gained significant recognition among the Australian online share investor population, with 22% saying they are familiar with these services.

Only in the US, where the bulk of innovation in robo-advice is taking place, is familiarity with robo-advice significantly higher (39%).

“The Australian financial services industry is ripe for disruption, as more and more investors take notice of digital advice solutions as an alternative to traditional advice models,” says Recep Peker, Research Director at Investment Trends.

“Many Australian online investors tend to see themselves as early adopters of innovative solutions, so there is little surprise to see rising awareness and adoption of providers such as Acorns and Stockspot.”

Robo-advice funds, such as Stockspot and Acorns, tend to have lower fees than traditional managed funds because the investment advice given to clients is automated.

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Source: Australian millennials have taken to robo financial advice | Business Insider