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That sounds like a group in need of some counsel, but a significant number 23% trust “no one” for financial advice.*
The survey notes the top three financial issues for millennials (also called Gen Y): retirement saving, reducing credit card debt and paying off student loans. On a positive note, 47% of respondents are saving for retirement with a 401(k) at work or an individual retirement account (IRA).* However, that leaves more than half of Gen Y who haven’t started a retirement savings program.
The Importance of a Sounding Board
In its survey of millennials, TIAA-CREF found those who seek financial advice are more likely than the general population to make positive changes, such as:**
- Monitoring and making changes to spending more frequently.
- Establishing a plan to manage debt.
- Starting an emergency fund.
- Increasing monthly savings.
The value of financial advice is clear. Many millennials turn to their parents as well as friends and social media. However, a financial institution’s professionally developed online tools and resources, as well as consultations with a financial advisor, may be more appropriate. In spite of being technologically engaged, TIAA-CREF’s study reports most respondents — 55% — prefer face-to-face financial counseling.
We’re Here for You
The world of finances can be complex, but you don’t need to face it on your own. A financial professional at Navigator Credit Union can provide the help you need to create your savings and spending plan and explore options for retirement saving. Visit www.navigatorcu.org or call 800-344-3281 today.
- * Source: Fidelity Investments Millennial Money Study, conducted in April 2014 by GfK Public Affairs and Corporate Communication, Fidelity.com.
- ** Source: TIAA-CREF Gen Y Advice Matters Survey, press release, Sept. 30, 2014, www.tiaa-cref.org.