Millennials Have Goals, But Lack a Comprehensive Financial Plan
76% of respondents would utilize online solutions for advice: iQuantifi survey
NASHVILLE, Tenn., April 7, 2015 /PRNewswire/ -- iQuantifi, a virtual financial advisor that provides comprehensive, goal-based planning advice to millennials and young families, announced today the results of its first annual survey on the financial habits of millennials, finding that while almost three quarters (72%) set financial goals, very few (20%) have a plan to achieve those goals.
The Millennial Money Mindset Survey, conducted in partnership with Middle Tennessee State University, also revealed that most millennials ages 21-34 seek financial advice from a family member (71%) or friend (45%). Only 29% of respondents said they have sought advice from a professional, such as a traditional financial adviser.
Millennials are interested in using online solutions to plan their futures, with 76% saying they would consider utilizing a free 'app' or online tool to accomplish their goals. Notably, only 17% indicated they needed to meet with a live person to be comfortable with the advice.
Debunking the myth that this generation is not thinking of their financial futures, 59% of respondents claimed that increasing their overall savings was a major goal for the next year, and nearly half (43%) of respondents indicated that they would "do whatever it takes to achieve" their financial goals.
"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."
Millennials' top savings goals include: saving for retirement (64%), saving for a vacation (68%), buying a car (66%), paying down credit card debt (63%), and saving for a house (60%).
Their biggest challenges include not making enough money (56%), staying on budget (41%), developing a budget or financial plan (28%), managing debt (27%) and understanding where and how to invest money (26%).
Interestingly, while more millennial men say they have financial goals (76%) than women (68%), millennial women are more likely to say they want to achieve their financial goals (49%) than men (43%).
For complete results from the survey click here: http://iquantifi.com/2015-millennials-money-mindset-report/
Survey Methodology
The results reported here are based on a nationwide online survey of 500 randomly selected millennials between the ages of 21 and 35 in February of 2015.
About iQuantifi
iQuantifi is a virtual financial advisor that provides comprehensive, personalized and automated financial advice to millennials and young families. The platform's proprietary algorithmic engine is deployed via financial institutions to provide each user with the advice they need to identify, prioritize and achieve their financial goals. iQuantifi is dynamic and adapts to a user's changing financial situation in real-time. The firm was founded by Tom and Karen White and is headquartered in Nashville, Tennessee. To learn more, visit www.iquantifi.com.
About Middle Tennessee State University (MTSU)
Founded in 1911 as one of three state normal schools for teacher training, MTSU is the oldest and largest undergraduate university in the Tennessee Board of Regents System.
With an enrollment of more than 22,000 students, MTSU remains committed to providing individualized service in an exciting and nurturing atmosphere where student success is the top priority. With a wide variety of nationally recognized academic degree programs at the baccalaureate, master's and doctoral levels, MTSU takes pride in educating the best and the brightest students from Tennessee and around the world. Learn more at www.mtsu.edu.
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SOURCE iQuantifi
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