Millennials Feel Uncomfortable Performing Online Financial Tasks On Their Own
A new study from Primerica reveals Millennials are less likely than other generations to feel confident completing personal financial tasks online. Gen Xers (adults age 35 to 49) felt the most comfortable handling their personal finances online without assistance.
The 2019 Financial Security Monitor Insights Report focused on middle-income families, those with annual earnings between $29,000 and $106,000.
When asked about completing a personal finance task online or in-person with a licensed professional, the majority of respondents said they preferred working with a professional. Only 31% said they could confidently make financial decisions on their own, even if they were given adequate resources online.
Millennials were less confident than other generations about performing online financial tasks without assistance. For example, 52% of Millennials felt confident opening a savings account online compared to 67% of other generations. Only 28% of Millennials were comfortable buying insurance online versus 48% of older generations.
Glenn Williams, CEO of Primerica, says these finding are “surprising, because we know [Millennials] are very tech savvy. The idea of ‘going at it alone’ with their personal finances can cause a lot of anxiety, and they need in-person support from a financial professional to feel confident about their decisions.”
Respondents said their top financial concern was saving for retirement, followed by paying off credit card debt. The average middle-income family has $3,000 in credit card debt, according to the study.