American Millennials do not take many risks in managing their financial affairs, a new TD Bank survey has found.
The nationwide TD Bank Financial Education Survey of 2,031 people ages 18 to 34 included a subset of 501 Hispanic Millennials, 49 percent of whom described their overall personal finance habits as cautious.
In the survey, 39 percent of Hispanic Millennials characterized their financial personality as “knowledgeable,” and 35 percent said they were “well informed” on day-to-day banking practices, such as opening a checking account.
Hispanic Millennials reported that they relied primarily on financial institutions and their families for advice. In addition, more Hispanic Millennials than Millennials in the general population had participated in a form of financial education.
Fifty-five percent of the general population saw their parents as primary influencers in shaping their banking and financial views, compared with 49 percent of Hispanics. Thirty-three percent of all respondents turned to their bank for information.
Sixty-nine percent of Millennials said they had not participated in any formal financial courses, seminars or workshops, compared with 58 percent of Hispanic Millennials who had not done so.
Even with a larger share of Hispanic Millennials reporting participation in a form of financial learning, the study found that still more of them sought advice on financial topics compared with the general population.
Hispanics had the most questions in the following personal finance areas:
- Savings – 45 percent vs. 32 percent of the general population;
- Creating a budget – 37 percent vs. 30 percent; and
- Credit cards – 38 percent vs. 26 percent.
“The study demonstrates that Hispanic Millennials want more insight and support with their personal finances,” Nandita Bakhshi, executive vice president in the retail distribution and product division of TD Bank, said in a statement.