Millennials prize advisors, financial planning in gaining confidence

Millennials prize advisors, financial planning in gaining confidence

Millennials prize advisors, financial planning in gaining confidence

A new study reveals that despite their reputation for interacting and conducting transactions through screens, millennials are more open than expected to seeking the human touch in financial advice.

In a study titled Millennials and Money: Understanding What Drives Financial Confidence, the Guardian Life Insurance Company of America found that nearly 75% of millennials (born between 1981 and1997) would attend an in-person financial seminar to learn about financial strategies. That compares to 69% of Gen Xers and 62% of baby boomers.

The millennials polled expressed a great need to be confident in reaching their financial goals. Eighty-seven per cent of those surveyed said knowing more about financial products and services would help improve their confidence; 100% of those who said they had a financial plan and were on track to reach their goals said the same.

Among all generations surveyed, millennials were the most likely (83%) to say that having a trusted financial advisor is important to their financial confidence. Investments and growth are an important point of discussion for them, but they are also as concerned about getting insurance to protect themselves and their families as generation X and boomer respondents. In addition, 76% of millennials advisors said it’s important for their financial advisors to keep abreast of the latest protection and insurance trends.

“Millennials value education and have a preference to learn in a group setting,” said Christopher Dyrhaug, head of Individual Markets at Guardian. “While technology may be a facilitator, there is still an appetite for in-person learning and engagement to reach financial confidence.”

The survey also found that millennials (45%) were more interested in face-to-face meetings with an advisor in comparison to other generations (37%); despite the young generation’s reputed preference for texting and social media, those channels were far behind as priority channels for communication with advisors.

Millennials were also more receptive to online financial tools (35%) than either Gen Xers (27%) or baby boomers (21%).

 

Related stories:
Millennials are making a costly investment mistake
OSC: how to engage overwhelmed millennials

 


More market talk: