Despite financial technology advancements, members of Generation X would prefer that a professional handle their personal finances, according to a survey by fintech company Harness Wealth Advisers LLC., headquartered in New York.
Harness Wealth commissioned Dynata of Plano, Tex., to survey 1,000 Generation X adults in February, in a report that defines Gen X more broadly than is typical, with a survey sampling of adults from ages 35 to 60.
More than half of Gen-Xers across all income levels that responded to the survey said they lacked the knowledge to manage their own finances correctly, according the firm's press release. Just 28 percent of respondents with investible assets below $250,000 said they had strong or expert knowledge of financial planning.
While respondents at higher income levels expressed more comfort with money management, 50 percent with $250,000 to $750,000 in investible assets said they lacked strong or expert financial planning knowledge, and more than one-third with $750,000 or more in investible assets said the same.
Seventy-four percent of respondents said they spend several hours per month managing their finances, while 40 percent spend a few hours every single week.
Seventy-two percent described financial planning as either moderately to extremely complex, and 56 percent reported moderate to extreme anxiety managing their money.
Digital tools designed to simplify money management have failed to make financial planning any easier for Gen Xers, according to the survey. Although 83 percent of respondents said they felt comfortable with technology and digital financial tools, just 7 percent said they actually used them.
Also, 87 percent of respondents said they would use a financial advisor if they found the right one.
Former Compass COO David Snider launched Harness Wealth in 2018.