Less than half of millennials are saving for retirement through pension or provident funds, with shifting perceptions by younger investors offering both opportunities and difficulties for financial services companies, according to research conducted by Old Mutual Unit Trusts. Old Mutual’s survey suggests millennials are saving but not investing, reflecting a trend analysts say is putting increasing pressure on the fees that asset managers are able to charge. It may also prompt consolidation within the financial services sector. An Old Mutual Unit Trust survey of South African millennials — or those born between 1981 and 1996 — found that only 44% were investing in pension or provident funds, compared with 61% saving money in a bank account. These conclusions fit with global surveys that have concluded millennials are good at saving but less likely to invest. A 2017 survey by 10X Investments had concluded that only 35% of 2,200 millennials surveyed were saving long term towards retir...

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