The 2016 Schroders Global Investor Study found that when it comes to making an investment decision over a third (36%) of millennials would look to consult with friends and family, slightly fewer than those who would consult with a financial adviser (44%).

The number of millenials who would do their own research was: using independent financial websites (44%), investment management websites (45%) or investment provider websites (47%).

Financial advisers remain an important part of the investment decision-making process for those older, said Schroders, with 39% saying they would consult a financial adviser the next time they make an investment decision and only 21% saying they would consult with friends and family. This implies that financial advisers are a more likely source of investment advice for older investors in relation to other sources.

The study also found that UK millennials were more engaged with their finances than the older generation and more confident in their investment knowledge. The survey of 1,000 UK investors found that 68% of millennials believe they have a greater understanding of investments than the average investor. This is compared to 48% of those investors aged over 35.

Despite their investment knowledge and desire to learn more, the survey revealed that investors’ desire for income and long-term returns appear to be significantly inflated. In the UK, the average level of desired income was 7.5% but with many countries’ interest rates at or near historic lows,plenty of investors look set to be disappointed, said Schroders. Millennials demands were more unrealistic, with a minimum desired level of income from their investments of 10.2% per year, compared to older investors 6.6%.

The study also highlighted millennials’ bias towards short term investing. On average, UK investors tend to hold their investments for just under five (4.7) years; however, the average millennial only looks to hold their investment for just over two-and-a-half years (2.7). In comparison, those investors aged 36 and over look to hold their investments for an average of 5.4 years.

However, when looking at the investment goals of millennials these tie in with their bias towards short-term investing. Their reasons for investing included a deposit for a home, paying for a career change or professional qualifications and to help meet monthly mortgage or rental payments.

Millennials were less likely to invest to supplement their pension (30% millennials vs 60% older) than older investors.

Schroders commissioned Research Plus Ltd to conduct an independent online study, between 30 March and 25 April 2016, of 20,000 investors in 28 countries around the world, including 1,000 in the UK.