Approximately 46% of UK millennials are keen to use their smartphones to do all their financial planning, in comparison to just 13% of baby-boomers, a survey from Legg Mason has found.

The 2017 Global Investment Survey revealed that the UK has the highest percentage of millennials, nicknamed the ‘generation app’, keen to have their financial planning done via smartphones in Europe.

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Despite this trend, only 16% of UK millennials said they were in favour of either technology-only financial planning which has no human interaction, or a proposition that is technology-led but has some human interaction supporting it. In comparison, 15% of Europeans thought the same way.

Justin Eede, head of Europe and Americas distribution at Legg Mason, said: “Millennials are increasingly tech-savvy and this is seeping into every element of their lives, including the way they approach even complex financial needs.

“Services that have traditionally always been delivered face-to-face are now becoming automated, and the use of smartphones for financial planning is another step in that direction. Indeed these statistics reveal the extent to which the demand for fully digital solutions is growing among the younger generation and it will be interesting to see how financial services businesses respond to the challenges this presents.”

According to the survey, which surveyed millennials, generation X and baby boomers from 17 markets around the globe, 28% of all UK respondents, actually, want to do their financial planning via their smartphones, while 45% said they do not.

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In contrast, 47% of Asian respondents were in favour of this approach and just 15% were not, while in the US the findings were more balanced, with 42% for using their mobiles as the sole means of financial planning, and 39% against it.

In total, 15,300 people were surveyed, including investors from the US, UK, Europe, Asia and Latin America, and Australia.