Millennials are more than twice as likely as Baby Boomers to be interested in making investments that meet social or environmental criteria.

A survey commissioned by OceanRock Investments and conducted for The Responsible Investment Association (RIA) has found that those between the ages of 18 and 34 are 65% more likely than Boomers to consider environmental, social, and corporate governance (ESG) criteria when making investments. Overall, 67% of Millennials believe it is important for their advisors be knowledgeable about ESG issues and responsible investment options.

Good social and environmental practices

Millennials indicated that they are keen on investing in companies with good social and environmental practices because they think they make better long-term investments and offer better protection against downside risks. The poll found that Millennials are twice as likely as Baby Boomers to hold these beliefs. The RIA report notes Millennials now represent the largest demographic in North America’s workforce and are set to inherit more than $30 trillion in the coming years.

Strategic opportunity for advisors

"The data highlight a strategic opportunity for advisors to add even more value by educating themselves and their clients about responsible investing," comments Fred Pinto, senior VP and head of wealth and asset management at Qtrade Financial Group and CEO of OceanRock Investments. "Advisors who are knowledgeable about responsible investment products and ESG issues are better positioned to attract millennials' assets today and in the future, as this generation accumulates and inherits more wealth in the years to come."