Survey Results: Do Millennials Need Different Financial Advice?

March 21, 2019

Financial advisors may need to adapt their approach for nontraditional thinkers

Nontraditional attitudes towards a work-life balance are the hallmark of the millennial generation. But in our recent survey, we found that older generations are now embracing similar attitudes about finances and retirement as their younger counterparts.

What does this mean for the future of financial advice?

We surveyed 500 adults across generations to find out their:

  • Definition of financial freedom
  • Vision of retirement
  • Priorities for balancing work and leisure

Our 24-page report details how a traditional, 2-stage approach to financial and investment planning (full-time work, no-work) may no longer serve the nontraditional thinkers spanning across generations.

Levels of financial anxiety across generations

Millennial survey results: financial anxiety

Percentage of respondents saying that they strongly agree/agree or strongly disagree/disagree with the statement: “I worry a lot about my day-to-day finances.” Percentage of respondents saying that they strongly agree/agree or strongly disagree/disagree with the statement: “I worry a lot about having enough money when I retire.”

Adjusting to the shift

Traditional retirement planning may not be a good fit for some people, who may need advice that helps them envision a more flexible and fluid approach to saving and spending.

Download our report, Do Millennials Need Different Financial Advice?, and supplemental infographic by completing this short form.

Get the Results

Legal Note

SEI polled 500 adults using a written online survey with equal representation across five key age groups: Ages 25 to 34; 35 to 44; 45 to 54; 55 to 64; and ages 65 and older.

Respondents were asked about their attitudes toward work, leisure, spending and saving to learn whether and how millennials (defined here as the 25-to-34 age group) differ from prior generations. The data was gathered in May 2018.

SEI's Asset Management Distribution Team is a part of the Private Banking business unit of SEI Investments Company.