While over half (55 percent) are finding it difficult to navigate the complexities of their financial situation alone, less than one quarter (22 percent) have used a professional for financial advice over the past 12 months.
On average, Millennials believe they need approximately $1m to achieve financial independence, but most have saved only about one-tenth of that amount so far.
The poll highlights clear barriers to working with financial advice professionals.
Among Millennials, 44 percent say, “I don’t feel I know enough and don’t want to be judged,” 43 percent are “worried about finding my finances aren’t in the best shape,” 40 percent say, “I don’t know where to start with financial planning,” and 40 percent agree that “Financial advisors are just for the rich.”
Investing goals are still strong: 52 percent of Millennials cite retiring comfortably as a top investing goal, 41 percent name achieving financial independence, and 41 percent highlight building wealth.