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Research and Statistics

Millennials wish we could all talk openly about our finances

A new poll shows that while young adults crave more money conversation, they’re too self-conscious to speak up

Summary

About a third of American adults say they wish they could discuss their personal finances more freely, according to a new survey. Among millennials, it’s almost two-thirds. But despite their yearning, millennials feel held back from financial discussions by a number of factors.

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About a third of American adults say they wish they could discuss their personal finances more freely. But among millennials, it’s almost two-thirds who crave more money conversation.

A new survey conducted by Harris Poll on behalf of T.D. Ameritrade found that among U.S. adults ages 22 and older, 37 percent expressed an interest in more personal finance discussion. For millennials, the share was 63 percent, while only 19 percent of baby boomers wished for more money talk.

Despite their yearning, millennials feel held back from financial discussions by a number of factors. Foremost among them are not wanting people to think they are a failure (23 percent) and not feeling it’s polite to discuss finances in social settings (22 percent).

1 in 5 don’t want to seem like they are bragging (20 percent), and 31 percent say it’s because they either aren’t doing as well as people think they are, or as well as they’d like to be doing.

The survey also found that about 7 in 10 millennials (71 percent) think society would be healthier if people felt they could discuss personal finances more freely.

Harris Poll conducted its survey online on behalf of T.D. Ameritrade in February 2019, among 1,006 U.S. adults aged 22 and older with at least $10,000 in investable assets. The results were released July 31.

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