Top 4 Ways Millennials Differ from GenXers in Financial Decision Making

1. Social Networks vs. Advisor

Whether it’s posting a question to a forum or as a Facebook status dilemma, Millennias are more prone to using social media to help with their financial decisions. A new study by Ipsos MediaCT, in partnership with LinkdIn, revealed that 91% of Millennials surveyed would use a social network to obtain opinions and comments about financial markets or events. This compares to only 53% of surveyed GenX folks.

2. The “Soloist” Approach vs. Professional Advice

Millennials are more likely to take away the question at hand and conduct their own research to find the answers they are looking for rather than consult an advisor like the GenXers would. Millennials rather access online sources such as published articles, online reviews and opinions, forum discussions etc. on their own rather than delegating the work. The survey stated that 49% of the Millennials surveyed, compared to 38% of GenX folks, preferred to do their own research and make their own personal finance decisions without the help of an advisor. That certainly tells you a lot about the inevitable changes to the “financial advisor” role.

3. Obsolescence is Second Nature

Millennials have seen so much change and advancement in technology and services that switching from one service provider to another is a piece of cake. Gone are the days of long term, almost life commitment relationships with an advisor. Once a new and improved way is available, Millennials are more likely to jump on the bandwagon and join the movement. “Millennials are used to foreseen obsolescence, that things are replaced, that things change, that better things come along to replace what you use and like right now,” says Donna Sabino, senior VP at Ipsos MediaCT. Sixty seven percent of Millennials surveyed stated they would be open to goods and services from companies outside of the traditional financial market, compared to only 45% of GenXers. For example, if Google offered financial services or if Apple introduced bank accounts, Millennials would be more open to these type of offers rather than GenXers.

4. Up to the Ceiling Debt

The class of 2015 is the most indebted class in American history. Since most Millennials have been exposed to insane amounts of student debt it’s no wonder they have a more conservative approach to money. According to Financial Finesse’s research, which is based on responses from workers who use its financial wellness programs at more than 600 major companies, Millennials are generally better at day-to-day finances than GenExers. Millennials are also generally more likely to be on time with bill payments, regularly pay off credit card debts and avoid late fees.

Category: BloggingLifeTips and Advice


  1. I’m a little older than Millennials, but I do believe I think like one in a lot of ways. Except for the social network questions. I tend to research like crazy and draw my own conclusions. Great article!

  2. I’m sorry to hear that the class of 2015 will be the most indebted. That’s a hard way to start life and adds extra stress to an already stressful time of life, but I am glad to hear that they may be more responsible and will build good credit by paying on time!

  3. I don’t even know what I call myself. I truthfully think we are smack dab in the middle of those. All I know is, some days are good and some are not so good when it comes to making financial decisions.

  4. Its interesting. I do prefer to do my own research and find out what is best for me because I figure I’ll be spending money to hire an advisor about it. And its the “spending money” for advice part that bothers me.

  5. I don’t think I’ve ever really sat down and thought about these differences before. Thanks for the informative and great post. I’ve got to work on my financial state this year because my school debt is weighing me down.

  6. Yep, it’s true, technology really changed the way investors invest. I’ve been with the same company for quite some time, but the ads for cheaper services have definitely triggered my “cheap” tendencies and threatened to make me change brokers and I wouldn’t think twice about it either- so easy!

  7. This article is so incredibly on point. My husband is a financial advisor and his clients are definitely not millenials–I don’t know why they don’t see the importance in saving in research proven ways and solely rely on the Internet.

  8. That is really interesting. Especially that millennials would rather ask for financial advice on social media. I tend to keep my finances private and only talk to a trusted few about decisions.

  9. As a millennial I see a ton of bad press about us! Thanks for showing that we’re not necessarily lazy…we’re just different than our parents and grandparents!

  10. Millennials tend to be reliant with social media. The good part about it is that they are more resourceful but the problem is they also tend to be easily swayed by the different trends in social media.

  11. #1 is so true. Now everyone heads to facebook for any and all advice. I don’t think I ever have yet, but I’d trust an advisor before asking randoms on facebook!

  12. Haha I do use social media to get advise on financial decisions but I mainly ask my dad. :)And yes,, Debut sucks and we were crazy silly when we were younger and got into some debt. Working on fixing all of that though~ 🙂

  13. Loved this!!! Being a millennial myself I feel just because there are a few bad seeds we get a bad wrap! I think list of us really are hard workers since we have so much to prove. Especially with social media these days. Gotta work hard to play hard.

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Article by: Anna Suzdenkova

Employed in the financial sector for over 7 years. Held various roles including financial advisor, auto claims adjuster and manager of customer service. Attained an accounting degree with Honours. Mutual fund licensed. Passionate about helping people. Forever an optimist, positivity is the key to a happy life. Enjoys helping people decipher the banking world and use it to their advantage!