NEW YORK--(BUSINESS WIRE)--A new TIAA-CREF survey finds that Gen Yers rely on personal networks for ...

1. TIAA-CREF Survey: It Takes a Village to Provide Gen Y With
Financial Advice
NEW YORK--(BUSINESS WIRE)--A new TIAA-CREF survey finds that Gen Yers rely on personal
networks for
financial advice, with adults age 18-34 being more likely than the
general population to involve their parents (47 percent vs. 19 percent),
extended family (22 percent vs. 14 percent) and other trusted adults (31
percent vs. 21 percent) in their search for advice. Thirty-seven percent
also involve a spouse or partner to help with their finances.
These findings come from TIAA-CREF's annual Gen Y Advice Matters Survey,
which was conducted by an independent research firm and polled a random
sample of 1,000 adults nationwide to assess their attitudes, preferences
and behaviors about receiving financial advice.1
Gen Yers are actively planning for their financial future. Of those who
sought out advice, many expressed an interest in managing a budget (72
percent), saving for education (65 percent) or managing their student
loans (53 percent).
When it comes to financial advice, it's not just the topics but also the
delivery method that matters to Gen Y. The majority (55 percent) said
that their first choice for receiving financial advice is face-to-face,
though that number dropped from 65 percent in 2012 as more Gen Yers
selected online advice as their first choice. Seventy-nine percent of
those surveyed say it would be helpful to have advice that's customized
for their age group, and they are more likely to value online tools and
calculators (74 percent vs. 57 present of the general population),
seminars (68 percent vs. 53 percent) or webinars (67 percent vs. 54

2. percent) as channels for advice.
"Gen Y gives new meaning to the term connected," said Kathie Andrade,
executive vice president and head of Individual Advisory Services at
TIAA-CREF. "It's important for them to access financial advice via
multiple platforms. While this may present a challenge for financial
advisors, plan sponsors and employers, it also offers multiple
opportunities for them to engage with Gen Y and speak their language
when it comes to financial topics."
The survey also found that individuals who seek advice are invested in
their financial well-being and tend to make positive changes. Gen Yers,
for example, are 12 percentage points more likely to monitor their
spending more frequently (75 percent vs. 63 percent) compared to the
general population. They are also 14 percentage points more likely to
change their spending habits (76 percent vs. 62 percent) and increase
their monthly savings (70 percent vs. 56 percent).
As Gen Yers look to their parents for help, they may be learning from
their parents' experiences and trying to find financial stability
earlier in life. Only 57 percent of those aged 55 to 64 said that they
feel optimistic about their finances, and they may encourage their
children to take more action than they did.
"Gen Yers understand how to leverage financial advice to their
advantage," said Andrade. "They make concrete changes to their financial
well-being early on that can help them prepare for the future and think
ahead to retirement."
Gen Yers who have received financial advice continue to rely on their
personal network on an ongoing basis, which demonstrates they value

3. personal relationships in dealing with financial issues. The findings
revealed that 70 percent turn to their family and friends, 45 percent
look to their employer, and 17 percent turn to social media. More than
half (51 percent) of the survey respondents also take advantage of
financial service provider websites or other online tools.
TIAA-CREF helps build financial well-being and confidence by offering a
variety of resources and interactive tools related to financial advice
and goal-setting. In addition to the online Advice and Guidance Center,
TIAA-CREF offers educational programs focusing on trending financial
issues, organizes financial empowerment workshops for women and has
developed a website geared toward the needs of young professionals
called Starting
Your Financial Life. The company offers in-person financial services
at more than 100 offices across the country and provides access to
licensed and trained phone representatives who can answer questions.
For more information on the survey, please read the 2014 TIAA-CREF
Advice Matters Executive
Summary. For more information on TIAA-CREF's Advice and Guidance
offerings, visit our Advice
and Guidance Center.
Survey Methodology
The survey was conducted by KRC Research by phone among a national
random sample of 1,000 adults, age 18 years and older, between July 28
and August 7, using a combination of landline and cell phone interviews.
The margin of error for the entire sample is plus or minus 3.1
percentage points. The survey was not conducted among TIAA-CREF

4. participants, and the survey questions and responses did not reference
or concern any TIAA-CREF product, service or client experience.
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org)
is a national financial services organization with $613 billion in total
assets under management (as of 6/30/2014) and is the leading provider of
retirement services in the academic, research, medical and cultural
fields.
Disclosures
The material is for informational purposes only and should not be
regarded as a recommendation or an offer to buy or sell any product or
service to which this information may relate. Certain products and
services may not be available to all entities or persons. Past
performance does not guarantee future results.
TIAA-CREF Individual Institutional Services, LLC and Teachers
Personal Investors Services, Inc., members FINRA, distribute securities
products.
© 2014 Teachers Insurance and Annuity Association of America-College
Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY
10017
C19565
1 Twenty-eight percent of the sample base of 1,000 was
between the ages of 18-34.
http://www.businesswire.com/news/home/20140930006003/en/TIAA-CREF-Survey-Takes-Village-Pro
vide-Gen-Financial