Study: Where Millennials Get Money Info and How They’re Using It

Millennials have a number of defining monetary options, in keeping with a brand new NerdWallet survey. For instance, they’ve a better willingness to depend on associates and user-generated on-line content material for monetary data.

There are additionally some notable variations throughout the millennial era, the biggest such group within the nation. A better share of older millennials (ages 38-45) flip to household for monetary data than youthful millennials (ages 30-37) — 53% and 41%, respectively.

With 77% of millennials reporting that they really feel assured of their information of private finance matters, we explored the place they’re getting their data and the way they’re utilizing it. The survey, carried out on-line by The Harris Ballot in July 2026 — amongst 2,089 adults, of whom 553 have been millennials — exhibits what units this era aside.

Observe: Our survey defines Gen Zers as these 18-29; millennials ages 30-45 (youthful millennials, ages 30-37 and elder millennials, ages 38-45); Gen Xers, ages 46-61; and child boomers, ages 62-80.

Millennials have been the nation’s largest era since 2020. Made up of these aged 30 to 45, members of this cohort are coming into their peak incomes years, and lots of are in prime parenting years as properly. In different phrases, cash is flowing out and in quicker than ever earlier than.

However millennials are removed from a homogeneous group.

A number of the oldest millennials have been studying to drive whereas the youngest millennials have been in diapers. Older millennials have had many extra years to accrue wealth and expertise, too, which can clarify a few of the money-related variations between these two teams. For instance, older millennials usually tend to personal their house (65%) in comparison with youthful millennials (51%).

These similar-but-different vibes come by within the survey outcomes.

One attribute that millennials of all ages share is a willingness to get their monetary data from unofficial channels. It’s a departure from the methods of older Gen Xers and child boomers, and a template that many in Gen Z have adopted.

Virtually two in 5 (39%) millennials find out about private finance matters from associates. That’s much like Gen Zers (45%), and greater than Gen Xers (32%) and child boomers (22%).

Takeaway: Studying from associates can result in new concepts and elevated motivation. Plus, associates are typically a sounding board along with your greatest curiosity in thoughts. However none of those qualities be certain that the data shared is correct or full. Truth-check the ideas you get from associates who aren’t monetary professionals. Don’t fear, you don’t have to inform them.

One-third (33%) of millennials of all ages use user-generated content material (e.g., YouTube, TikTok, Instagram) to find out about private finance matters whereas 49% of Gen Zers, 17% of Gen Xers and eight% of child boomers say the identical. If millennials began the pattern, Gen Z has absolutely embraced it. For Gen Z, user-generated content material was essentially the most generally cited supply of private finance data.

Takeaway: The upside to studying about private finance by these channels is the sheer quantity of knowledge accessible. In distinction, even your most financially savvy buddy goes to ask to vary the subject in some unspecified time in the future. However the lack of transparency on the web has its personal set of potential issues. Strangers on the web might have motivations you’re unaware of. They may also be flawed. Take to coronary heart the disclaimer that generally accompanies this kind of content material: “the views and opinions expressed are for leisure and informational functions solely.”

Whereas millennials are open to studying about cash from a wide range of casual sources, they don’t share each choice constantly.

Takeaway: Just like taking monetary recommendation from associates, monetary recommendation from relations could also be incorrect or lack essential nuance. However don’t overlook the worth of emotional assist. A monetary advisor can calculate the monetary implications of transferring to a brand new house or making a profession change, however a mother or father or sibling could also be higher ready to weigh the impression of any tradeoffs.

Takeaway: “Whereas many millennials desire a DIY strategy to monetary administration, some desire to outsource that job,” says Kimberly Palmer, private finance skilled at NerdWallet. “In the event you resolve to work with a monetary skilled, crucial issue is discovering one who can assist your specific state of affairs. Looking by specialty or getting a suggestion can assist you get the proper match.”

Nearly all of Individuals (82%) don’t usually use AI to find out about private finance matters, in keeping with the survey, however this expertise is making inroads.

About one quarter of youthful millennials (24%) and a 3rd of Gen Zers (33%) say they usually use AI to find out about private finance matters, extra so than Gen Xers (16%) and child boomers (8%). Older millennials behave equally to Gen Xers relating to utilizing AI for private finance matters (19%).

Millennials might find out about private finance in a wide range of methods, however the true take a look at is whether or not that data is translating to outcomes.

Lots of them assume so: Three in 4 (75%) millennials say they really feel in command of their day-to-day funds, in comparison with 61% of Gen Zers, 75% of Gen Xers and 89% of child boomers.

Whereas day-to-day funds seem like typically beneath management, long-term wants might require extra consideration. The survey exhibits {that a} majority of millennials contribute to emergency funds (67%) and office retirement funds (62%), whereas 48% contribute to a conventional or Roth IRA.

That’s nice information, however a lot fewer make common contributions: 39% of millennials make common contributions to an emergency fund, 42% to office retirement funds and 33% to a conventional or Roth IRA.

Takeaway: Opening an account and making a contribution to an emergency or retirement fund is a superb first step. However constructing wealth is an ongoing course of. Automating contributions is one of the simplest ways to ensure these accounts continue to grow.

“Finally, crowdsourced monetary recommendation can solely get you thus far,” Palmer says. “It could present reminders, inspiration and perception, however since everybody’s monetary state of affairs is totally different, there’s additionally a danger in relying too closely on different folks’s opinions. Ultimately, a hybrid strategy the place you are taking insights from social media whereas additionally operating them previous associates, household and monetary professionals can provide you a extra balanced perspective.”

Disclaimer

NerdWallet disclaims, expressly and impliedly, all warranties of any form, together with these of merchantability and health for a selected function or whether or not the article’s data is correct, dependable or freed from errors. Use or reliance on this data is at your individual danger, and its completeness and accuracy will not be assured. The contents on this article shouldn’t be relied upon or related to the longer term efficiency of NerdWallet or any of its associates or subsidiaries. Statements that aren’t historic info are forward-looking statements that contain dangers and uncertainties as indicated by phrases equivalent to “believes,” “expects,” “estimates,” “might,” “will,” “ought to” or “anticipates” or comparable expressions. These forward-looking statements might materially differ from NerdWallet’s presentation of knowledge to analysts and its precise operational and monetary outcomes.

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