Millennials’ desires for flexible work schedules and work/life balance are changing the attitudes other generations have toward work and retirement, according to a new study by SEI, a financial services consulting service.

“Do Millennials Need Different Financial Advice?” included 500 adults in many age groups and concluded that other generations are starting to adopt attitudes usually associated with millennials, which include that working years need to encompass leisure, adventure and family, said Melissa Doran Rayer, managing director at SEI. The study was released to Financial Advisor magazine prior to its public release.

“More Americans [are] embracing ideas of non-traditional retirement, either working part-time during retirement or taking significant pauses throughout their career with no plans to officially retire,” the study said. They are also being drawn to the idea of a more flexible work life.

Many people in their working years “don’t want to wait until retirement to enjoy life. Rather than saving for a retirement of leisure, millennials are often willing to spend a larger share of their money on travel and experiences than older generations.”

According to the survey, 33 percent of millennial respondents said experiences like travel and adventure were their top financial priority, compared with 6 percent of 45- to 54-year-olds and 9 percent of 55- to 64-year-olds.

Most workers value flexible hours and locations. Seventy-one percent of 25- to 34-year-olds said flexibility is an important beneift, as did 66 percent of 45- to 64-years-old.

Although more millennials want "experiences" than older generations, financial security is still the top desire for all ages, including millennials, the study said. Older generations are concerned about being financially prepared for retirement.

The findings show the need for advisors to take into consideration all factors in a client’s life, not just his or her age, the study says.

This spread of millennial attitudes to other generations “could heavily disrupt the wealth management industry and [shows] where wealth managers and investment advisors need to adjust their operating models to ensure they continue to deliver solutions that match consumer demand,” the study said.

“It is critical to understand this increasing diversity of attitudes within all generations. Clients who are looking for a more flexible balance of life and work -- whether they are millennials or people from older generations -- will likely require something other than traditional financial and retirement planning,” the study said.

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