MILLENNIALS are favouring search engines over professional financial advice when it comes to managing their own money, research claims.
A poll of more than 2,000 adults by Zurich UK claims 15 per cent of millennials, referring to those aged 18-34, are turning to search engines such as Google instead of seeking professional financial advice, more than any other age group.
Only three per cent of 35-44 year olds and nine per cent of those aged 45-54 and over 55 respectively, opt for web-based information.
Asked why they eschew professional help, one in five millennials cited confidence in their ability to sort their own financial futures as a reason for not initially seeking professional help, while 37 per cent felt they do not earn enough to need to speak to a financial adviser, and almost a quarter said they were too young.
Search engines don’t seem to be helping much though with 56 per cent of those aged 18-34 blaming a lack of savings for preventing them from achieving life goals, such as starting a family or travelling the world, this compares to just 33 per cent of those aged 55 or over.
Anne Torry, head of Zurich UK Life, said it is clear there is a certain level of financial confidence among the younger generation.
“The internet is a good starting point, but people must also be cautious with the financial information available online, as this won’t be specific to everyone’s needs,” she said.
“There are plenty of online tools available that offer more tailored support, but many millennials are missing out on the benefits of independent financial advice to help them achieve their goals because of misperceptions, such as being too young.
“Given the instinct for millennials is to go online first, there is a real opportunity for independent financial advisers who can market effectively their services on the internet.”