Almost eight in 10 (79%) of millennials would like to work more closely with a financial professional, compared with 59% of those in Generation X and 18% of baby boomers, according to a study by AIG Life & Retirement.
Millennials also are the most optimistic generation, with nearly half (48%) saying their quality of life is better or much better over the previous year, compared to 38% of Gen Xers and 22% of boomers, the study found.
When asked about their financial well-being, 42% of millennials say their financial situation is better or much better, compared to 35% of Gen X and only 18% of boomers. They are also more likely to report improvement in the following areas: Ability to save (53% for millennials, 38% for Gen X, 21% for boomers), career (50%, 36%, 10%, respectively), level of assets/savings (48%, 36%, 26%), household employment income (44%, 31%, 13%) and nonmortgage debt (39%, 24%, 12%).
“Individuals are thinking more critically about how future events could impact their finances,” said Terri Fiedler, president, and chief executive of AIG Financial Distributors. “Over half of survey respondents said long-term financial planning has become more important (58%) and that they intend to save more (56%) and pay more attention to how they spend and manage their money (55%).”
While the survey found that 41% of men say their financial situation has improved over the previous year, the same holds true for only 26% of women. This gender gap extends across several categories, including retirement readiness, where only 18% of women report an improvement, compared to 41% of men; household employment income (24%/39%), level of assets/savings (28%/49%) and ability to save (32%/48%).
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