Younger generations often face difficulties in accessing financial advice, feeling unsure of how to obtain it or believing they haven’t saved enough to warrant professional help. This issue is highlighted in a recent survey by intelliflo, a leading cloud-based technology platform for financial advisors and their clients.
The Harris Poll conducted an online survey of over 2,000 U.S. adults on behalf of intelliflo, examining their need for professional financial advice and their progress towards saving for retirement. Key findings include:
– Nearly 3 out of 4 Americans (74%) say they need professional financial advice on various topics.
– 82% of Gen Z (ages 18-26) and 84% of Millennials (ages 27-42) report needing financial advice, but 76% of Gen Z and 71% of Millennials have not sought it.
– 38% of Gen Z and 27% of Millennials haven’t sought advice because they aren’t sure where to find the right advisor, while 33% of Gen Z and 31% of Millennials believe they don’t have enough money to hire one.
– Just over half of Americans (53%) have less than $100,000 saved for retirement, with 27% having some savings and 25% having none.
– 40% of Gen Z have no retirement savings at all.
“Our recent survey highlights the gap between the need for and the acquisition of professional financial advice, especially among younger generations,” said Lisa Jacobs, vice president of client services at intelliflo. “As these generations accumulate and inherit wealth, they will require easier access to financial advice through digital tools. Advisors who do not adapt risk losing these vital and profitable segments to alternative providers and disruptors.”
Jacobs continued, “Equally concerning is the lack of retirement savings among younger Americans. While many will start saving as they get older, receiving financial advice early can make a significant difference later in life.”
Survey Method:
The Harris Poll conducted this survey online in the United States on behalf of intelliflo from April 11 to April 13, 2023, among 2,081 U.S. adults aged 18 and older. The sampling precision of Harris online polls is measured using a Bayesian credible interval. For this study, the sample data is accurate within +/- 2.8 percentage points at a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Warner May.
