Maru Public Opinion’s in-depth survey for Meridian reveals that while Millennials are proactive about their finances – and highly value monetary fairness, openness and partnership – 55% of Millennials also admit they find that managing money is stressful and even intimidating. .
“The data echoes what many millennial investors are sharing with us,” says Naveen Senthamilselvan, Senior Director, Wealth Management, Meridian. “While Millennials generally enjoy saving, setting financial goals, and being proactively involved in their finances and investments, they are also the most likely to admit to money-related doubts and anxiety, which can prevent them from achieving their financial goals.”
Monetary equality and partnership
This generation’s high regard for partnership and financial transparency sets it apart from other generations. Seventy-eight percent (78%) of Millennials report having had an in-depth financial conversation with their partner, compared to 72% of Gen Xers and only 58% of Boomers. A majority of Millennials (60%) would like to discuss their financial goals together more often and 30% say they would like to participate in joint meetings with a financial advisor, compared to 12% of GenX and 9% of Boomers surveyed.
When it comes to loans and other financial obligations, 72% of Millennials believe this should be discussed before committing to their partner; Millennial women are more eager to have full disclosure (76%) than men (68%). Millennial women are also more likely to agree that finances should be discussed early in the meeting (35% vs. 24% for Millennial men).
The survey shows that a core monetary value of Millennials is their strong belief (76%) that family finances should be handled by “both partners equally”, a view more strongly held by women Millennials (81%) than by Gen Y men (71%).
For all their friendliness, millennial men and women expect more from their partners, with 45% of millennial men and 31% of millennial women wanting their counterparts to be more involved with their finances. Both expressed a desire for them to have more frequent conversations about financial goals and investments (60%) and for their partners to become more knowledgeable about finances in general (68%).
Proactivity undermined by anxiety and money worries
Most Millennials (56%) say they learned to save and set financial goals growing up, and 79% of Millennials agree they felt knowledgeable about money when they left home. Of the 41% of millennials who consider themselves knowledgeable about money, 60% believe it’s important to learn and be actively involved in financial planning and investing.
Despite this, 51% say they still deal with anxiety related to leftover money from childhood. Millennials are the most likely to say their parents were “always worried about money and so were they” (30%) and to say money caused stress in their household growing up (20%).
While more than half (58%) of Millennials have low confidence in their level of financial knowledge, a majority (73%) still do not use a financial planner or advisor to manage their money. Instead, 55% of Millennials prefer to manage their own money, 37% think they don’t have enough money for a financial advisor, 31% worry about the cost of an advisor, and 20% don’t understand not what a financial advisor does.
“It’s great that Millennials enjoy being actively involved with money and investing, and learning about financial planning through independent research, experimentation with apps, and experiences is hugely beneficial. listening to others,” says Naveen. “It’s also beneficial to discuss your goals with a professional financial advisor, who can ease that financial anxiety, especially during these difficult times. They have the benefit of knowing you personally and can suggest personalized strategies to help you achieve your goals. and boost your confidence in your money.”
For basic tips and strategies designed to help Millennials lose a bit of that money anxiety edge and gain confidence, check out Meridian’s guide to “Saving at every stage of life.”
These results are taken from a study published by Maru Public Opinion undertaken by its sampling and data collection experts at Brown/Blue July 27 and August 11, 2021 on behalf of Meridian, from a random selection of 1,509 Canadian adults who are Maru Voice Canada panelists. The results were weighted according to education, age, gender and region (and in Quebec, language) to match the population, according to census data. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. Further details can be found at Canadian Public Opinion Polls | Maru Group
About MARU Public Opinion
MARU Public Opinion is a professional services firm dedicated to improving the business results of its clients. It delivers its services through teams of industry research consultants specializing in the use of Insight Community and Voice of Market technology.
We recognize that the land on which we operate is the traditional territory of many nations, including the Mississaugas of Credit, Anishinaabe, Chippewa, Haudenosaunee and Wendat peoples.
With over 75 years of banking history, Meridian is Ontario’s largest credit union and Canada’s second largest, helping to improve the lives of 365,000 members. Meridian has $28.3 billion in assets under management (December 31, 2021) and offers a full range of online, telephone, mobile and mobile financial services through a network of 89 branches in Ontario, as well as business banking services at 15 locations. Meridian cardholders also have access to over 43,000 ATMs at no additional cost in North America with THE EXCHANGE® Network and the Allpoint network in the United States. For more information, please visit: meridiancu.cafollow us on Twitter @MeridianCU or visit us on Facebook.
SOURCE Meridian Credit Union
For further information: Teresa Pagnutti, Public Relations, Meridian, [email protected], 416-275-3816; Jacob Del Zotto, Corporate Communications, Meridian, [email protected]647-242-8877