84% of millennials say they need financial advice

ATLANTA – June 28, 2023 – Younger generations struggle with accessing financial advice, often unsure how to get advice or feeling as if they don’t have enough saved to receive it. This is one of the topics explored in a recent intelliflo survey.

More than 2,000 U.S. adults were surveyed online by The Harris Poll, on behalf of intelliflo, around their need for professional financial advice and progress toward saving for retirement. Key findings from the survey include:

 

• Nearly 3 out of 4 Americans (74%) say there are financial topics they need professional financial advice on.
  • 82% of Gen Z (ages 18-26) and 84% of Millennials (ages 27-42) say there are financial topics they need financial advice on, but despite this need, 76% of Gen Z and 71% of Millennials report that they have not sought it.
• 38% of Gen Z and 27% of Millennials have not sought financial advice from a financial advisor when they need it because they are not sure where to find the right financial advisor for them, while 33% of Gen Z and 31% of Millennials have not because they don't think they have enough money to hire a financial advisor.
• Just over half of Americans (53%) currently have under $100,000 saved for retirement (27%), or no money saved at all (25%).
  • 40% of Gen Z say they have no money saved for retirement.

 

“Our recent survey highlights the disconnect between needing and obtaining professional financial advice, which is especially prevalent in younger generations,” said Lisa Jacobs, vice president of client services, intelliflo redblack. “As these generations acquire and inherit wealth, they will need wider, easier access to financial advice, and they want it via digitally optimized tools. Advisors who do not evolve risk losing these important and profitable segments to alternative providers and disruptors.”

Continued Jacobs, “Equally troubling is the lack of investment for retirement among younger Americans. While many will start to save as they get older, financial advice while young can make a tangible difference later in life.”

 

Survey method

This survey was conducted online within the United States by The Harris Poll on behalf of Intelliflo from April 11- April 13, 2023 among 2,081 U.S. adults ages 18+. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within +/- 2.8 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Warner May.