Mythbusters: Millennials and Their Finances

Millennials are uninterested in their financial futures. Right? Wrong.

According to a recent survey from iQuantifi, a virtual financial advisor, found that millennials actually think about the future of their finances. Where they come up short? Having a comprehensive financial plan.

iQuantifi, found that while almost three quarters (72%) set financial goals, very few (20%) have a plan to achieve those goals.

While most millennials ages 21-34 seek financial advice from a family member or friend, only about a quarter of them said they have sought advice from a professional, such as a traditional financial adviser.

“Millennials recognize that setting financial goals is important, but they’re grasping for ways to reach those goals because they don’t have a comprehensive plan,” said Tom White, iQuantifi’s CEO and Co-Founder. “There is untapped demand for virtual financial advisers to help millennials set and achieve goals. This presents a tremendous opportunity for banks, credit unions and other institutions to attract and retain millennials by offering goal-based planning services online.”

Below are some key highlights from the survey. Tell us, how does this change your approach to millennials?

Millineal survey

Written by Banking.com Staff

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