Financial advice has a strong influence on the savings and spending habits of a majority of young adults who seek it, according to a recent survey from TIAA-CREF.
The survey, conducted between Aug. 28 and Sept. 2 by KRC Research, polled a random sample of 1,000 American adults on their attitudes, preferences and behaviors about receiving financial advice.
Twenty-eight percent of the sample was between the ages of 18 and 34, the group known as Millennials or Gen Y.
Seventy-one percent of these young adults were likely to monitor savings more closely and 66 percent to change their spending habits after getting financial advice, a bigger proportion than older cohorts.
They did this despite the competing pressures of student loan debt and underemployment.
“Professional advice can help you create a budget and strategy to gain financial independence and build security,” Amy Podzius, a financial consultant at TIAA-CREF said in a statement. “It’s important to remember that an early start can significantly help you save more over the long term.”