Millennials increasingly seek financial advice from personal connections like parents and partners on topics like budgeting, education savings, and student loan management. A study found that over half of millennials prefer face-to-face financial advice compared to online. Millennials are also more open to tailored advice on alternative channels to secure their financial future earlier than previous generations.

1. Millennials Are Increasingly Seeking Financial Advice Reveals Voth Nixon Group Study
Summary: Millennials seek guidance regarding financial planning, preserving capital and how to
manage their student loans.
A recent Voth Nixon Group study has found that millennials rely heavily on their personal
connections for financial guidance, with adults between the ages of 20 to 35 being more prone
than others to involve their parents, extended family and other trusted acquaintances in their
pursuit for advice. A third of the respondents also include their life partners in assisting with
managing their finances.
The survey was conducted by Voth Nixon Group’s research team and polled approximately
2,000 individuals globally in order to evaluate their outlooks, inclinations and attitudes towards
receiving financial advice.
Millennials are dynamically planning out their financial future and out of those that have
solicited advice in the past 68% have shown an interest in handling a budget, 62% are setting
funds aside for education and 57% are struggling to manage their student loans or tuition fees.
For millennials financial advice isn’t just about the main topics of discussion but also about the
delivery method with the vast majority (54%) replying that they prefer to take advice in a face-
to-face scenario rather than seeking it online. Three-quarters of the respondents have also said
that it would be more beneficial to receive advice tailored to their particular age group and that
they are more open to using alternative channels of advice (such as online calculators) than other
age groups.
“In this day and age it’s vital for millennials to have access to multiple sources for financial
advice, and while this might represent a challenge for financial consultants and managers it also
gives them the opportunity to engage millennials and discuss financial matters in an easier and
more efficient manner” stated Carl Zayn, Senior Development and Strategy Manager at Voth
Nixon Group.
The study also revealed that individuals who are actively searching for advice and guidance are
interested in securing their financial future and tend to make positive changes more often than
others. In this respect millennials are much more inclined to keep track of and change their
spending habits as opposed to the general populace and are also more likely to increase their
monthly savings.
As millennials gather advice from their parents they might also be learning from their past
experiences and attempt to find financial stability at an earlier age. Only 48% of individuals aged
50 to 65 have stated that they are optimistic regarding their financial outlook and would
encourage their offspring to be more active in securing a financially stable future than they have
been in the past.
“Millennials have a pretty good grasp on how to use financial guidance to their advantage and
are actively searching for ways to ensure their well-being at an earlier age in order to prepare for
retirement” concluded Mr. Carl Zayn.

2. About Voth Nixon Group
VOTH NIXON GROUP is a global asset administration group, managing capital for both
institutional and retail investors across the world. Our aim is to provide solid fund performance
across various asset types in which we know we have a viable competitive edge. At VOTH
NIXON GROUP your goals are important to us. We understand the financial challenges that
make it difficult to achieve your targets, and we’re qualified to provide the assistance you need.
We believe your financial progress, regardless of your present situation or economic condition is
achievable.
Address: International Commerce Center (ICC Tower), 1 Austin Road, West Kowloon, Tsim Sha
Tsui, Hong Kong.
info@vnxgroup.com
contact@vnxgroup.com