Millennials Want Financial Planning Just As Much As A Bonus, Study Says
Millennials get a bad rap when it comes to how not financially educated we are, but that might not be our fault. On the contrary, a new study shows that we actually want financial education, resources and tools that will help us plan for our futures, like buying a home and other important financial milestones. So even though we’re traveling, eating avocado toast and trying to live our best lives, we’re secretly listening every time the ‘rents stress the importance of being financially responsible. (Thanks mom and dad.)
The Guardian Life Insurance Company’s latest study, Millennials and Money: Understanding What Drives Financial Confidence, reveals that — shocker! — millennials really want financial planning. The study surveyed more than 3,000 people between the ages of 21 and 72, all who work full or part-time and are not retired, with household incomes of at least $50,000.
The results? A staggering 87 percent of millennials said that they want to know more about financial services, resources and products because it would boost their confidence in reaching their financial goals. Additionally, 73 percent of millennials stated that they do practice financial planning right now, with 29 percent already using both online financial tools and a paid advisor. In fact, 36 percent of millennials said they plan to work with an advisor over the next 12 months.
What’s more, our major life priorities are so much bigger than buying plane tickets instead of homes. While 47 percent of millennials said traveling is a life priority, 58 percent of millennials surveyed said they want to work in a rewarding job and 56 percent said they want to make sure their parents are well taken care of as they age.
As this study shows, financial planning for millennials is a real thing. The study found millennials think it’s even more important than getting a bonus. And almost 90 percent of millennials said they would love a detailed financial plan that shows exactly how they can meet their financial goals in life because it would help them feel more confident in achieving them.
Another recent study from Broadridge Financial Solutions and The Center for Generational Kinetics found that 66 percent of millennials feel more confident investing in their savings accounts than employer-sponsored retirement plans, tax-advantaged plans or real estate. Furthermore, the study found that 69 percent of millennial respondents are not using a financial advisor.
“Millennials would rather put their money in a savings account than a workplace retirement plan, effectively pushing pause on the potential for qualified plan growth,” Cindy Dash, the head of Broadridge’s Matrix Financial Solutions, said in a statement. “This demonstrates a significant need for financial guidance.”
And we couldn’t agree more. If you’re looking for a financial advisor, you may want to consider digital companies like Ellevest, but also places that allow you to meet in person. Look at your network, too. You may know someone who knows someone who is a financial advisor, so don’t be afraid to talk about money and your financial goals with those you trust. It may take time, but you’ll be financially fierce before you know it.
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