Which generation is associated with being carefree and careless with their money? 

Chances are most people would say millennials. Why? Because that is what has been reported in the media, according to Angie O’Leary, head of wealth planning, RBC Wealth Management–U.S.

“Millennials are exceedingly pragmatic and preoccupied with their financial security, which means they are practical and sensible,” said O’Leary. “That flies in the face of what we have seen in the media—that they are carefree and careless with their money.”

O’Leary, who spoke Tuesday at the Invest In Women conference in Atlanta sponsored by Financial Advisor magazine, said that the media portrays  millennials as living in the moment. But according to RBC’s research, 84% of millennials spend a lot of time thinking about financial security and they realize that they must save for the future, she said.

Furthermore, 80% are not banking on Social Security being there in full to meet their retirement need. “So, they get this, that they have to have financial security now and they have to plan for the future,” O’Leary said.

Noteworthy is that millennials have similar goals as their baby boomer parents, O’Leary said. They invest in the stock market, save for retirement and are interested in starting their own business.

The RBC research was designed to get a sense of the outlook on wealthy millennials. Millennials, O’Leary said, range in age from 26 to 41 and consist of more than 70 million people in the U.S. And there is money coming their way. O’Leary noted that 50% expect to get an inheritance and 30% expect to have some sort of sudden wealth event (from a business sale or an IPO or equity compensation).

“We have all been talking about this wealth transfer thing and it’s going to be the next big wave of wealth that we all need to focus on,” she said. “There isn’t an immediate opportunity, but ... five to 10 years from now, this is going to be a big part of your growth strategy,” she said, noting that $84 trillion will transfer from one generation to the next by 2045. 

Millennials, according to the research, are not looking to spend a lot of years in the workplace. More than half plan to retire before age 65 and a large precent wants to get out even before that, O’Leary said. 

When asked how they plan to do this, 56% said they will increase their savings, 55% said they will establish sources of passive income such as owning their own business and 40% said they plan to invest in riskier assets for higher returns, she said.

For advisors and the industry, O’Leary suggested four ways to connect and serve millennials. First, she said, advisors should lessen the pressure on them and focus on engaging, educating and empowering them. Second, give them a financial or wealth plan. The third suggestion is to be referrable, she said, noting that 4% of millennials said they will go to an advisor based off a referral from a friend or family member.

And lastly, be knowledgeable about ESG investing, she said. Ninety-two percent of surveyed millenials said it’s important for their current or future financial advisor to be informed about ESG, and 80% said they will leave an advisor if they are not knowledgeable on the topic.