Millennials remain the most open to seeking professional financial help, according to the study. Seventy percent reported feeling overwhelmed by the thought of how to provide for themselves and their families in the long term. If millennials can resist social media, they may face a promising financial future.
“It was surprising that 40 percent of millennials have a financial professional and work closely with them compared to only 25 percent of Gen Xers and boomers, particularly given the millennial affinity for technology,” Kelash said. “It was even more surprising to find that contrary to what one would assume, the top form of communicating with a financial professional is still in person (42 percent ranked it as their first choice versus phone communication at 19 percent and online at 16 percent.”
Wary Of Stocks
The influence of past financial hardships could also be affecting how millennials manage their money. Twenty-four percent of the generation watched as their parents experienced a major financial setback as a result of the recession of 2008-2009, and 65 percent are uncomfortable with excess debt because they watched their parents struggle with it. It’s no surprise that 57 percent said they were unlikely to ever invest in the stock market.
Kelash added in the press statement accompanying the study: “While it’s promising that many millennials are working to avoid debt and build savings, seeing such a large number of them averse to investing is a concern.
“A balanced approach to saving and investing is a strong recipe for a solid retirement, and if they have worries, a financial professional can help them find the right balance,” he said in the statement.
Larson Research & Strategy conducted the Allianz “Generations Ahead Study” via online survey in May 2017. The firms surveyed 3,006 U.S. adults age 20 to 70 with a minimum annual household income of $30,000 or more.