Millennials Feel Uncomfortable Performing Online Financial Tasks On Their Own

Millennials Feel Uncomfortable Performing Online Financial Tasks On Their Own

March 27, 2019         Written By John H. Oldshue

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.

The information contained within this article was accurate as of March 27, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

Review LowCards.com Editor’s Top Cards!

2020 Top Credit Cards by Category
Featured Fair Credit Card
Reflex Mastercard® Credit Card
EDITOR RATING
Featured Fair Credit Card
Reflex Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: All credit types welcome to apply!

Featured Low Interest Card
ABOC Platinum Rewards Mastercard®
EDITOR RATING
Featured Low Interest Card
ABOC Platinum Rewards Mastercard®

Applying for this card will securely direct you to the issuer's website.

Top Features: No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% on Purchases for 12 months

Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card
EDITOR RATING
Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Reports to all three credit bureaus, perfect credit not required for approval

Petal® Visa® Credit Card
EDITOR RATING
Petal® Visa® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: No fees whatsoever. No late fee, international fee, annual fee, or any-other-kind-of-fee, fee


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.