Millennials rely much more on their personal connections for finance advice than does the population at large, according to new research.
TIAA-CREF arrives at this conclusion in its 3rd annual “Advisors Matters” survey. Conducted by an independent research firm, the study’s authors interviewed 1,000 adults nationwide to assess their attitudes, preferences and behaviors about receiving financial advice.
The research shows that nearly half of Millennials or Generation Y (47 percent) involve their parents in financial decision-making. This compares to less than one-fifth (19 percent) of the population at large.
Gen Yers also are more likely than the general population to rely on extended family members (22 percent versus 14 percent) and “other trusted adults” (31 percent vs. 21 percent) when seeking financial advice.