A new survey by iQuantifi in partnership with Middle Tennessee State University’s Jones College of Business reveals that millennials are, in fact, seeking out financial advice, even though few work with advisors. The survey, the “Millennial Money Mindset Report 2015,” looks at how millennials are thinking about their finances, the challenges that they face and the purchases for which they're saving up their hard-earned cash.
The findings show that 45 percent of millennials sought financial advice from friends vs. 29 percent who sought advice from professional advisors. But millennials are interested in working with a financial advisor: 52 percent say that they prefer professional advice, though 50 percent ask their families, and 23 percent go to blogs or websites.
A whopping 76 percent of the millennials surveyed said that they would use an app or online tool if offered by their financial institution and if it provided “comprehensive advice and helped them achieve their goals and manage debt.” Just 17 percent of respondents said they needed to meet with someone face-to-face to be comfortable with the financial advice.
The report consisted of an online survey that was sent to 500 randomly selected adults between the ages of 21 and 35, from February 12 to February 15, 2015.
For more findings, take a look at our infographic below.