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Gen Z is 65% Less Likely to Consult Financial Professionals First

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DOTHAN, Ala. (WDNews) – A new study by Policygenius found that members of Gen Z are 65% less likely to turn to a financial professional first with a question about their finances compared to older generations.

Gen Z comprises people born between 1996 and 2010 and have lived most of their lives with access to the Internet, making them the first generation of “digital natives.”

Americans have many choices regarding financial advice, whether they consult professionals like CFPs, CFAs, or CPAs, or informal channels like websites and social media influencers.

“I absolutely use social media for my financial advice,” said Raegan Bragg, a senior Accounting major at Troy University in Troy, Alabama.

Bragg expressed she frequently uses budgeting tips found on the popular social media app, TikTok.

“However, when it comes to investing my money, I actually listen to both social media and my professors.”

39% of baby boomers say they would turn to a financial professional first, compared to just 14% of Gen Z.

“These findings highlight a stark divide between where each generation gets their financial advice,” said Patrick Hanzel, certified financial planner at Policygenius.

There are pros and cons to getting financial advice from either social media or financial professionals, but both offer opportunities to gain knowledge and tips on how to best use your money.

 

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