Robo-advice more popular with younger investors

In a statement, the company said a majority of its clients were using the service to either save for retirement (28.6 per cent) or grow their wealth outside super (36.5 per cent), with the highest percentage of the latter category comprising users under 45.

Six Park chief executive Pat Garrett said the findings were “encouraging” and demonstrated that younger people are becoming more engaged with their long-term savings goals.

“It’s no surprise that the younger demographic is embracing technology in financial services,” he said.

“These results demonstrate that these clients understand that investing is not about getting rich quick or timing the market – it’s about creating wealth over time through intelligent investment diversification and keeping fees low, the main value propositions of Six Park.”

The survey also found the two most common reasons investors use robo-advice services were the lower fees and investment diversification, accounting for 18.3 per cent and 16.7 per cent of respondents, respectively.