Millennials Value Financial Planning as Much as a Bonus

Seventy-five percent of Millennials say they would attend an in-person financial seminar, compared to 69% of Gen X and 62% of Baby Boomers, a survey by Guardian found. Additionally, 87% of Millennials say that if they knew more about financial services and products, they would be more confident about reaching their financial goals. Nearly 100% of Millennials who have a financial plan and are on track to meet their financial goals say knowing more about financial products and services helps their confidence.

Eighty-three percent of Millennials say that having a financial adviser they trust is important for their financial confidence. Millennials are interested in speaking with advisers about investments and growth, but they are equally as interested as Gen Xers and Boomers in protecting themselves and their families with insurance. Seventy-six percent of Millennials say it is important for their adviser to stay on top of the latest asset protection and insurance trends.

“We’re seeing a willingness among Millennials to increase their financial acumen and work with advisers, to grow and protect their wealth,” says Christopher Dyrhaug, head of individual markets at Guardian. “Millennials value education and have a preference to learn in a group setting. While technology may be a facilitator, there is still an appetite for in-person learning and engagement to reach financial confidence.”

Forty-five percent would like face-to-face meetings with their adviser to keep in touch. By comparison, only 37% of older generations say the same. However, thirty-five percent of Millennials exclusively use online tools for financial planning, compared to 37% of Gen Xers and Boomers.

Thirty percent of Millennials who do not have an adviser say they are likely to turn to one next year. Nearly 90% of Millennials say that having a detailed financial plan that spells out how to achieve their financial goals, would improve their confidence. Sixty-two percent of Millennials say getting financial advice from their employer would improve their confidence.

“Our data shows Millennials really do value financial planning, just as much, if not more, than a bonus at work and other life priorities, like career growth,” says Dyrhaug. “That provides a revealing look into their mindset as related to financial confidence and how advisers can provide guidance.”

Guardian’s findings are based on online interviews with 3,061 adults conducted in February.