Almost half of millennials would buy advice from Google

More than a third of investors around the world are prepared to use robo-advisers, with an increasing number millennials, those aged 18-35, admitting they would buy insurance from an online provider such as Google or Amazon, a new report by consultancy firm Accenture has revealed.

Almost half of millennials would buy advice from Google

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The global survey of more than 32,000 consumers across 18 countries including the UK, Europe, US, Hong Kong and Australia found the 78% of respondents would entirely computer-generated support to make decisions on investments.

In Europe, the appetite for automated investment was the highest in Italy (84%), Spain (79%), France and the Nordics (74%) and the UK. Around 95% of Indonesians said they would turn to robo-advice when investing, compared to just 52% of Canadians. 

Around 74% of those polled said they would use an automated service for buying insurance, with Indonesia (91%) showing the greatest interest in this compared to 61% in Germany.

Around 46% admitted they would also pay for investment advice services from online service providers such as Google and Amazon, with over a half of Australians (53%) saying they would consider this option compared to just 16% Canadians.

Meanwhile, over a third (36%) of millennials said they would consider buying insurance from the tech giants, with consumers in Brazil (56%) and the UK (46%) most likely to do this compared to just 13% in Canada.

Personalised services

The Accenture survey said 73% investors are happy to share personal information about themselves, such as mortgage, credit card and student loan data, in return for personalised investment services, especially in Brazil where 84% said they were willing to do this.

Around 64% also said they were will to share all the date in return for made-to-measure insurance services.

 

 

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