Research and Statistics

What financial advice do millennials say they need?


Millennials are confident about their financial knowledge, but they want advice about savings, budgeting and credit cards in particular

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Despite millennials’ confidence in their financial knowledge, they want advice on three topics in particular: savings, budgeting and credit cards.

In a study conducted by Angus Reid Public Opinion for TD Bank, 59 percent of those polled reported being “extremely” or “very” knowledgeable about day-to-day banking products. Still, 26 percent of those polled felt they needed advice on credit cards. More men than women said they want help on the subject, by a margin of 29 percent to 23 percent.

Some 38 percent of 501 Hispanics polled wanted advice on credit cards, making that product the group’s second highest concern. The group most wanted advice on savings (45 percent).

More millennials reported having a checking account (100 percent) or savings account (82 percent) than a credit card (72 percent). Women (68 percent) and Hispanics (64 percent) were less likely to have a card than men as a whole (75 percent).

The TD Bank Financial Education Survey polled 2,031 Americans ages 18-34 from Jan. 28 to Feb. 10, 2014.

See related:Infographic: Millennials have unhealthy credit habits, More infographics

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