But where millennials go for financial advice and who they trust most doesn't match up, the Master Your Money 'Invest & Thrive Survey' found. Presented by Fidelity
Friends and family can be a valuable sounding board for financial decisions, but they may not be objective.Across income levels, about half of millennials surveyed by Business Insider and Insider Intelligence said they turn to friends and family for financial advice.Friends and family can be helpful, but when it comes to complicated matters like investing, it might be best to get a professional opinion.It's hard to talk about money.
It's good that millennials are so willing to be open about money. In fact, increasing pay transparency is one action we can take to begin to close gender and racial pay gaps. But there's a difference between sharing information and asking explicitly for advice. The "Invest & Thrive Survey" findings suggest many millennials recognize their friends and family might not be the best counsel.
Among respondents who said they seek financial advice — a total of 1,628 — only 29% said friends, family members, or a significant other was the most trustworthy source. An equal share said their bank or credit union's financial adviser was most trustworthy, even though only about a quarter of total respondents use them. Just 10% of respondents saidwas most trustworthy, despite 38% of total respondents saying they searched for it.
Financial advice can be tricky when it's coming from someone who has an emotional stake in your life. Parents, siblings, friends, and even spouses may think they know what's best for you. Plus, their advice can easily be colored by their own experiences.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zoom, Slack killing productivity: Home working advice from an Apple, Google adviser - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
SUCCESS INSIDER: Executive salaries, management consulting, Facebook - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Don't Freak Out, but the 'Friends' Cast Just Reunited at the EmmysHalf the cast of 'Friends,' Jennifer Aniston, Lisa Kudrow, and Courteney Cox, just had a live reunion at the 2020 Emmys.
Read more »
Nikola founder Trevor Milton resigns following fraud allegations - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Walmart targets zero carbon emissions by 2040 – but not for suppliers - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
ByteDance contradicts President Trump on TikTok deal - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »