– MainStay Funds Survey Finds Professionals Under 30
Most Likely to Seek Advice from Planners –
PARSIPPANY, N.J. – Unlike their Baby Boomer parents who started saving later in life, nearly two-thirds of the today’s young professionals currently use or plan to use a financial planner, according to the second annual GenX Survey conducted by the MainStay division of New York Life Investment Management LLC (NYLIM). Interestingly, it is the younger segment of the population, those under the age of 30, who are most likely to be working with an investment professional (40%) – and are most likely to expect to work with one in the future (33%).
The MainStay study shows that fewer than two-thirds (60%) of today’s GenXers, – the roughly 50 million Americans born between 1967 and 1981 – feel confident enough to manage their own investments, down from 73% in 2001. Among respondents between 30 and 34 years-of-age, the ‘confidence percentage’ drops even more, to 57%.
“During a year marked by economic uncertainty and sharp market declines, a growing number of GenXers are seeking outside financial counsel,” notes Beverly J. Moore, Managing Director, NYLIM Retail Markets. “The youngest investors in the group are the most eager for advice, signaling a growing demand in this segment for advisory services.”
The MainStay survey found that this growth is largely fueled by a desire for security (81%), stability (79%) and control (79%). In terms of concrete financial advice, GenX
investors are looking for retirement planning (62%), financial education (57%) and tax planning (46%). Face-to-face meetings (44%) are the preferred channel of communication with a financial planner, followed by e-mail consultations (28%) and telephone discussions (25%).
The MainStay GenX survey, completed in May 2002 was conducted by an online research firm, and, polled 530 consumers ages 23 to 35 on their investment attitudes, behaviors, objectives and priorities. Respondents were U.S. residents with investable assets of $50,000 or more.
MainStay Funds invest most major asset categories, including equity, fixed income, high yield, and international. The MainStay Funds offer active and quantitative management and are distributed by NYLIFE Distributors Inc., NYLIM Center, 169 Lackawanna Avenue, Parsippany, New Jersey 07054. For more information about any of the MainStay Funds, including a free prospectus that includes fees and expenses, call (800) MAINSTAY or visit the MainStay Funds web site at www.mainstayfunds.com . Please read the prospectus carefully before investing.
With more than $155 billion in assets under management as of December 31, 2002, New York Life Investment Management and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients. NYLIM offers institutional asset management, retail investments, retirement plan services, guaranteed products, real estate investments, and alternative investments. For more information, visit the New York Life Investment Management site at www.nylim.com .
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