Gen Z college students hungry for financial guidance, CFP Board finds

Gen Z students may say they’re confident handling day-to-day money tasks, but new research suggests they are actively looking for more education and professional help as they move into the workforce – which could open doors for advisors and RIAs looking to build next-gen client relationships.

In a new report, “Dollars & Sense: A Report on College Students and Their Personal Finances,” CFP Board and research firm College Pulse surveyed 2,025 undergraduate students across the US last fall. Two-thirds of respondents (65%) said they want to learn more about personal finance topics such as saving, investing, and managing debt.

At the same time, 83% agreed that financial well-being is important to their happiness and life satisfaction. Students most often described money as a route to independence (61%), a way to reach long-term goals (60%) and a tool for security and stability (58). Another 40% also called it “a way to enjoy oneself right now,” though a similar number said money is a source of stress and anxiety.

Read more: How much do American teens really know about money?

The study paints a picture of students who feel reasonably capable today but are uneasy about tomorrow. About 64% said they feel confident managing basic tasks like budgeting and saving, but nearly all reported at least one serious financial worry. Top concerns include finding a stable job (66%), affording big-ticket items such as a home or car (64%), and building savings for emergencies or retirement (55%).

“Today’s college students are tomorrow’s employees, investors, homeowners and parents. Their early financial choices will shape their financial futures and ripple beyond their own bank accounts into the broader economy,” said Kevin R. Keller, chief executive at CFP Board. He added that the research shows “a clear window of opportunity for financial planners and educators to meet students where they are with accessible, nonjudgmental guidance.”

When asked what help they expect to need after graduation, 56% pointed to investment advice and 50% to budgeting and savings strategies. Their top financial priorities once they land a full-time job are paying off student loans (30%) and building an emergency fund (28%), followed by investing for retirement and saving for major purchases, both at 16%.

Family remains the dominant source of guidance: 58% of students said they most trust financial advice from relatives, followed closely by financial planners at 55%. And despite some other surveys pointing to the impact of finfluencers, only 5% of respondents in the CFP Board poll said they trust social media influencers. Despite that trust, just 1 in 5 currently receives advice from a financial planner, suggesting a sizable gap between attitude and action.

Barriers to working with professionals may be keeping that gap in place. Students most often cited not knowing where to find the right advisor (64%) and not knowing what questions to ask (56%). Many also mentioned fear of being judged for their financial decisions (47%), believing they do not need advice (42%) or assuming they cannot afford it (40%).

“College students are confronted with many financial choices, especially after graduating and starting their first full time job,” said Kevin Roth, managing director of research at CFP Board. “They’ve seen other generations struggle and they are serious about getting their finances on the right track.”