Healthcare accounting higher on the agenda for Millennials

Published on June 21, 2016 by Crawfords Accounting

Millennials – the term used for the generation who are currently aged from their late teens to their mid-30s – seem more likely to put healthcare accounting higher on their agenda, compared with those aged over 35.

The 2016 Schroders Global Investor Study has revealed that in many cases, people who fall into that category are more likely to invest for their own future than their older counterparts are or were.

In particular, 17% of Millennials said they would consider investing specifically to cover healthcare and medical expenses either for their own treatment, or for a friend or relative.

This compares with just 7% of investors aged over 35, and is part of a corresponding trend across a wide range of investing intentions.

Millennials also scored more highly on investing to provide a sole source of future income, to provide for dependants and relatives, to buy a home, to cover mortgage repayments or rent, to buy some other possession, or to support their career in some way.

James Rainbow, head of UK financial institutions and strategic accounts at Schroders, said: “It is very encouraging that Millennials are so engaged with their finances and that they are keen to learn more about investments.”

Interestingly however, they were only half as likely to put money into an actual pension product – just 30% of Millennials said they do so, compared with 60% of their older counterparts.

The figures seem to support recent evidence that practical considerations like private healthcare accounting are leading younger people to keep their funds out of being tied up in pensions.

But of course this leaves the risk of a diminished pension pot later in life – something our Manchester accountants can help people in all professions to take into account when structuring your finances over the short and long term alike.

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