Many millennials are perfectly happy making their own investment decisions, but that doesn’t mean they’re discounting professional financial help.
That’s according to Schwab Retirement Plan Services, which finds in a survey that 64% of millennials say they are very or extremely confident making investment decisions by themselves, compared with 47% of GenXers and 39% of boomers.
But they’d be even more comfortable with a professional helping them out; 85% said they’d be very or extremely confident if that were the case.
In fact, a whopping 93% of millennials would take advantage of a financial wellness program at work, and 64% feel their financial situation could use professional advice even though they’ve had less time in the workforce to accumulate wealth than other generations.
Millennials also stress more about money and issues related to it, with 35% saying financial stress has affected their job performance.
GenXers and boomers aren’t quite so concerned, with 18% of the former and 11% of the latter under financial stress.
But then millennials, even though they’re beset by the stress of student loan debt, 24% of them specifically cite that as the cause of their financial stress, are more likely than older workers to put any money left over at the end of the month towards their 401(k): 34% of them report doing so, compared with 20% of GenXers and 8% of boomers.
The younger generation is also much more conscious of investment costs; millennials keep their eye on the fees charged for their retirement investments. Half of them (51%) say that fees influence their choice of 401(k) investments “a lot,” compared with 40% of GenXers and 38% of boomers who say the same.
One thing is true about all three generations, however: all recognize the importance of the 401(k) in helping them meet their retirement savings goals, with 86% of millennials, 90% of GenXers and 84% of boomers considering it a “must-have” benefit.
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