A new survey by TIAA-CREF finds that millennials (those in the 18 to 35 age range) depend heavily on their personal networks when it comes to receiving financial advice. They are most likely to turn to their parents. Roughly 47% of millennials, compared with 19% of the general population, look to Mom and Dad for their financial wisdom. In addition, the survey found that some millennials also turn to their spouses for advice on money matters. This group accounts for about 37% of respondents.
For the study, entitled Gen Y Advice Matters Survey, a random sample of 1,000 young adults was taken. The group in this sample demonstrated an interest in taking an active role in their finances. Among those who sought advice, a significant number said they were interested in budgeting (72%), saving for education (65%), or getting a handle on their student loan debt (53%).
Other results from the survey:
- 55% of respondents said their first choice for receiving financial advice is face-to-face.
- 79% of respondents desire advice customized for their age group.
- When it comes to a delivery system for advice, 74% value online tools and calculators, 68% value seminars, and 67% value webinars.
“Gen Y gives new meaning to the term connected,” said Kathie Andrade, executive vice president and head of Individual Advisory Services at TIAA-CREF, in a statement. “It’s important for them to access financial advice via multiple platforms. While this may present a challenge for financial advisors, plan sponsors, and employers, it also offers multiple opportunities for them to engage with Gen Y and speak their language when it comes to financial topics.”