A majority of Millennials changed their spending habits and how they save for retirement after receiving financial advice, according to a survey by TIAA-CREF.
Seventy-one percent of adults under the age of 34 are the most likely to monitor their savings very closely after speaking with an advisor and 66 percent said they changed their spending habits because of it, compared with older generations of Americans.
When it comes to financial planning, Gen Y is most interested in interacting with an advisor online, 61 percent, attending webinars, 59 percent, and live seminars, 58 percent, compared with surveyed Americans overall. They also are the most likely to want financial advice designed specifically for their needs, with relevant tools and calculators that break down complex topics.
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The survey results show that Generation Y adapts to technology faster than other generations but places their trust more narrowly, with 70 percent of them seeking advice from friends or family. Meanwhile, 55 percent of Generation X advice seekers (ages 35-49, according to most studies) rely more on financial service provider websites or online tools.
The survey was conducted by KRC Research by phone among a random sampling of 1,000 adults over the age of 18 between Aug. 28 and Sept. 2, 2013.
TIAA-CREF is a national financial services organization with $542 billion in assets under management.
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