Unlocking millennials’ financial wellbeing mindset
Cara Williams
Founder & Financial Adviser at The Hazel Way
As a millennial, I have recognised a definitive gap in the market, cultivated by the persistent idea that financial advice exists exclusively for affluent and older generations, which set me on the path to empowering young people in both their financial and life journeys.
We are living in a time where understanding and unlocking a positive money mindset in millennials presents an exciting opportunity.
Research supports this growing need. Ensombl’s Future Life Focused research paper1, sponsored by TAL, found that young Australians are under indexed in seeking advice and are underinsured – and in the midst of today’s cost of living crisis, advisers are in the unique position of helping millennials set themselves up for success.
This does come with a distinctive set of challenges – from navigating the burden of student loan debt to embracing new investment strategies. But with these challenges comes an opportunity to redefine financial advice, making it accessible, relevant, and transformative for the millennial generation – empowering them to build stronger financial futures and take control of their life goals. As advisers, we can be at the forefront of a movement that demystifies finance and fosters a mindset shift, turning financial literacy into a foundational tool for independence and growth.
Understanding and empathising with the financial challenges young people are facing will lead to better financial advice
I have often heard millennial clients frustrated that they haven’t felt truly seen or understood by professionals. They do not operate the way their parents did at their age when it comes to money – and therefore the financial advice they desire is different.
My approach focuses on creating a deeply personalised and people-centric experience. These three questions stand out to me when engaging with millennials and something I like to continually consider with my clients: How do they want to live, what do they want their life to look like, and how do they expect to get there?
This self-reflection is a key tool to help clients also explore their relationship with money and identify their financial behaviours and habits, so we can find what is working - and what can work better. By understanding their answers, we will be in a position to tailor strategies that align with what the client values, what they hope to achieve and when.
As technology progresses, it is increasingly essential to blend emerging digital tools with an empathetic client relationship, so clients feel engaged in and are excited by the process. Leveraging technology can streamline processes and enhance the client experience – but it should complement, not replace, the human touch fundamental to effective advice.
Developing personalised advice that takes into account the current climate, to foster a positive millennial mindset, will set you apart. If this doesn’t come naturally, a coach or mentor can assist.
Empowering through personal touch
In 2023, I was in the privileged position of being awarded the Financial Advice Association Australia (FAAA) Inspire Women – Excellence in Advice Award, which has provided me with a platform to support and uplift my female peers.
The recognition has allowed me to mentor and inspire millennials to overcome challenges, encouraging them to back themselves, acknowledge their own hard work and understand the importance of investing in themselves.
I can understand and empathise with the financial challenges young people often face. The unique economic conditions, societal pressures, and rapid technological advancements that characterise our generation require a distinct and thoughtful approach to advice.
I have had the privilege of working with hundreds of clients and continue to value the success stories where they experience significant improvement to their emotional, mental, and financial wellbeing. Clients who genuinely feel understood and supported are more likely to achieve their financial goals and enjoy greater overall life satisfaction.
To aspiring advisers, particularly those looking to work with millennials, one thing that will always set you apart in this profession is a high level of emotional intelligence and the ability to provide advice that impacts lives beyond financial wealth. My advice is to also actively engage in networking and seek mentorship. Building and nurturing strong relationships fosters a healthy support network that uplifts and empowers both you and your clients to achieve meaningful success.
Cara Williams
Founder & Financial Adviser at The Hazel Way
Since the age of 19, Cara has emerged as a guiding light for future generations, redefining the landscape of financial advice. With a deep commitment to accessibility, understanding, and empowerment, she brings a fresh perspective that resonates with younger Australians navigating major life and money decisions.
Recently, Cara launched her own business, The Hazel Way — a human-first financial advice practice built to challenge tradition and create meaningful impact. A highly esteemed and multi-award-winning Financial Adviser, she is recognised for her exceptional contributions to the profession and is paving the way for a brighter tomorrow.
1 https://adviser.tal.com.au/latest-news/2024/07/future-life-focused