The survey of 1,000 people aged 25-plus with household incomes over $75,000 was run to support the launch of its GoalsGetter online investment advice platform.
It found 25-to-34-year-olds were devoting as much to saving and investment as 55-to-64-year-olds. Each group was putting 19% of income into savings and investments.
Middle-aged men contributed more than the average to their savings and investments and people aged 35-44 contributed less, particularly women.
Young investors were also more focused on their goals – 31% said investments were of critical importance. Just 20% of those aged 35 to 44 said the same.
Managing director George Carter said the results seemed to “fly strongly counter” to the idea that young people weren’t saving and instead were frittering their money away on coffees and smashed avocado.
But he said he suspected many were putting money away without advice, and without thinking about their risk profile or what returns they expected.
He said digital advice was a good option to guide them and help them feel more comfortable about their decisions.
Many financial advisers would not consider it worth their time taking them on as a client if they only had relatively small amounts to invest.
But it could create a pipeline of clients for financial advisers in the future.
Carter said some people might also need guidance on what was the right balance between spending and saving. That was a question for financial planners, he said, and something that digital tools were not yet capable of tackling.
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