RALEIGH, NC: Millennials are the most likely consumer group to use online resources for financial advice, according to a Public Policy Polling survey released by Capstrat this week.
The survey of 420 Americans revealed that 43% of Millennials used online forums and 48% considered Google as their most influential financial adviser. By comparison, only 10% of respondents over the age of 65 used online forums for advice and just 6% considered Google to be the most influential.
Ken Eudy, Capstrat CEO, said the results clearly indicated that Millennials want information and advice on their own terms, and that financial institutions needed to continue to respond to this need. He added, “PR agencies are famous for hiring what I like to call 25-year-old utility infielders, and the most important thing agencies can do is listen to them.”
Overall, the survey revealed that just 4% ranked online forums as the “most influential” source of financial advice. Certified Public Accountants (CPAs) emerged as the advisers considered most reliable by 63% of the respondents, followed by banks (52%) and financial advisers (51%).