Maybe they don’t know everything after all?
Over half of Gen Zers and Millennials consider themselves at least somewhat financially dependent on their parents, with 23% stating they’re still very reliant on their parents, according to newly released research by Experian. 
And while Gen Z had a higher percentage of financial dependency on their parents (61%), nearly half of millennials still consider themselves somewhat or very financially dependent on their parents.
Simultaneously, Invesco-affiliated practice management and engagement software provider intelliflo found 84% of Millennials say there are financial topics they need financial advice on.
Unsurprisingly, the two surveys reveal a financial advice want and need among younger Americans.
According to Experian, two-thirds of young consumers feel ashamed when asking their parents for financial help—a sentiment that rings especially true for millennials, with 70% indicating they feel shame when asking for support.
While many are relying on their parents for financial assistance, 27% don’t believe their parents are good financial role models for reasons including:
· My parents didn’t teach me about personal finances (37%).
· My parents avoided talking about money with me (16%).
· My parents have/had bad spending habits (44%).
Intelliflo’s survey findings include the fact that 82% of Gen Z (ages 18-26) and 84% of Millennials (ages 27-42) say there are financial topics they need financial advice on. Still, despite this need, 76% of Gen Z and 71% of Millennials report that they have not sought it.
Fully 38% of Gen Z and 27% of Millennials have not sought financial advice from a financial advisor when they need it because they are not sure where to find the right financial advisor. In comparison, 33% of Gen Z and 31% of Millennials have not because they don’t think they have enough money to hire a financial advisor.
Finally, just over half of Americans (53%) currently have under $100,000 saved for retirement (27%), or no money saved at all (25%).
