ATLANTA–(BUSINESS THREAD)–New consumer data shows greater need for financial advice across generations. I understand, the leading cloud technology platform for financial advisors, today released the results of our recently commissioned online survey conducted by The Harris Poll. More than 2,000 American adults were surveyed about their attitudes regarding their current financial situation and where professional help is needed.
The main findings of the survey include:
69% of Americans are worried about their current financial situation; 64% of Gen Z (ages 18-25), 81% of Millennials (ages 26-41) and 75% of Gen X (ages 42-57) are worried about their current financial situation . Given the current state of the US economy, less than half of Americans (48%) say they are comfortable with their current financial plan. 50% of Gen Z and 39% of Millennials say they are not comfortable with their current financial plan. Paying off debt (28%), retirement planning (26%) and investment/portfolio management (24%) are the top three areas where Americans say they need the most professional help. 80% of Gen Z and 84% of Millennials indicated there are areas they need professional help with regarding their finances, compared to 70% of Gen X and 63% of Boomers ( between 58 and 76 years).
The survey reveals a significant need for greater accessibility to financial advice. As a way to better support those looking to strengthen their financial well-being, intelliflo is now a member of Financial Health Network joining leading financial services, financial technology and other providers committed to improving financial health for all.
“We are delighted to welcome intelliflo as a member of the Financial Health Network,” said Andrea Galvez, vice president of the Financial Health Network. “Improving financial health for all requires collaboration across the multiple industries that impact the financial lives of Americans, and we believe intelliflo’s expertise will play an important role in advancing this effort.”
“Our recent survey highlights the widespread uncertainty people are currently experiencing around their financial situation and the many areas where professional expertise is needed,” said Nick Eatock, CEO of intelliflo. “To help connect consumers with the tools and resources needed to improve their financial planning, we’ve joined forces with the Financial Health Network. We are proud to become members of the Financial Health Network as their work directly supports our mission to expand access to financial advice.”
This survey was conducted online in the United States by The Harris Poll on behalf of Intelliflo from July 28 to August 1, 2022, among 2,055 US adults 18+. The sampling precision of online Harris polls is measured using a Bayesian credible interval. For this study, the sample data are accurate to +2.8 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Warner May.
intelliflo expands access to financial advice through leading technology that powers the financial advice experience. We use open software architectures combined with unmatched industry expertise to simplify a complex digital landscape to help advisors compete and grow. Our solutions support more than 30,000 financial advisors worldwide, representing more than three million end investors, with more than $1 trillion in assets at intelliflo.