What You Need to Know
- A New York Life survey found millennials were more likely than other age groups to say they felt prepared for a financial emergency.
- However, millennials were the most likely to want help from a financial professional.
- Gen Z participants were more likely than millennials to already use a financial professional.
Millennials may be acting tough, but many are hungry for advice from financial professionals about what happens when the cost of living goes up, according to new survey data from New York Life.
The life insurer organized an online survey of about 2,200 U.S. adults, then broke some of the results down by age group.
The survey team found that the millennials in their sample expressed much more confidence about their finances than other participants: 31% said they feel prepared for a financial emergency, compared with just 24% of all survey participants.
About 24% of millennials, and 35% of male millennials, said they absolutely know what they’re doing about their finances
A Post-Inflation Generation
The oldest millennials were babies in 1981, the last year when the United States experienced a price inflation rate over 10%, and many of the millennial participants showed some concern about expense control.
New York Life talked about the expense issue in terms of costs paused during the COVID-19 social distancing period that will now return.
The survey team asked, “Thinking of how various costs of living are returning simultaneously as we near the end of the pandemic, would you like the help of a financial professional when creating or updating your [financial] strategy?”