Millennials have a few defining financial features, according to a new NerdWallet survey. For example, they have a greater willingness to rely on friends and user-generated online content for financial information.
There are also some notable differences within the millennial generation, the largest such group in the country. A greater share of older millennials (ages 38-45) turn to family for financial information than younger millennials (ages 30-37) — 53% and 41%, respectively.
With 77% of millennials reporting that they feel confident in their knowledge of personal finance topics, we explored where they’re getting their information and how they’re using it. The survey, conducted online by The Harris Poll in July 2026 — among 2,089 adults, of whom 553 were millennials — shows what sets this generation apart.
Key Findings
- Millennials lean on content creators for financial knowledge: One-third (33%) of millennials typically use user-generated content (e.g., YouTube, TikTok, Instagram) to learn about personal finances compared to 49% of Gen Zers, 17% of Gen Xers and 8% of baby boomers.
- Many are saving for unforeseen expenses: Two-thirds of millennials (67%) contribute to an emergency fund, but only 39% do so regularly.
- Not all feel strongly about their financial control: Younger millennials are more likely to strongly agree that they are in control of their day-to-day finances compared to older millennials, 41% vs. 29%.
Note: Our survey defines Gen Zers as those 18-29; millennials ages 30-45 (younger millennials, ages 30-37 and elder millennials, ages 38-45); Gen Xers, ages 46-61; and baby boomers, ages 62-80.
Why millennials matter
Millennials have been the country’s largest generation since 2020. Made up of those aged 30 to 45, members of this cohort are entering their peak earning years, and many are in prime parenting years as well. In other words, money is flowing in and out faster than ever before.
But millennials are far from a homogeneous group.
Some of the oldest millennials were learning to drive while the youngest millennials were in diapers. Older millennials have had many more years to accrue wealth and experience, too, which may explain some of the money-related differences between these two groups. For example, older millennials are more likely to own their home (65%) compared to younger millennials (51%).
These similar-but-different vibes come through in the survey results.
Millennials opt for informal information
One attribute that millennials of all ages share is a willingness to get their financial information from unofficial channels. It’s a departure from the ways of older Gen Xers and baby boomers, and a template that many in Gen Z have followed.
Almost two in five (39%) millennials learn about personal finance topics from friends. That’s similar to Gen Zers (45%), and more than Gen Xers (32%) and baby boomers (22%).
Takeaway: Learning from friends can lead to new ideas and increased motivation. Plus, friends are generally a sounding board with your best interest in mind. But none of these qualities ensure that the information shared is accurate or complete. Fact-check the tips you get from friends who aren’t financial professionals. Don’t worry, you don’t have to tell them.
One-third (33%) of millennials of all ages use user-generated content (e.g., YouTube, TikTok, Instagram) to learn about personal finance topics while 49% of Gen Zers, 17% of Gen Xers and 8% of baby boomers say the same. If millennials started the trend, Gen Z has fully embraced it. For Gen Z, user-generated content was the most commonly cited source of personal finance information.
Takeaway: The upside to learning about personal finance through these channels is the sheer volume of information available. In contrast, even your most financially savvy friend is going to ask to change the topic at some point. But the lack of transparency on the internet has its own set of potential problems. Strangers on the internet may have motivations you’re unaware of. They can also be wrong. Take to heart the disclaimer that commonly accompanies this type of content: “the views and opinions expressed are for entertainment and informational purposes only.”
Older millennials more keen on family advice, younger millennials on hired help
While millennials are open to learning about money from a variety of informal sources, they don’t share every preference consistently.
For example, older millennials are more likely to learn about personal finance topics from their family (53%) compared to younger millennials (41%). A greater number of older millennials may be facing increasingly complex financial questions — like buying a home, budgeting for childcare and caring for their parents. Family members who’ve navigated similar financial waters may have the type of verifiable, battle-tested experience that peers and internet influencers don’t.
Takeaway: Similar to taking financial advice from friends, financial advice from family members may be incorrect or lack important nuance. But don’t overlook the value of emotional support. A financial advisor can calculate the financial implications of moving to a new home or making a career change, but a parent or sibling may be better prepared to weigh the impact of any tradeoffs.
Alternatively, some younger millennials who have complicated questions of their own may simply be getting their answers elsewhere. This group is more likely to say that a financial advisor they selected independently (one not recommended by family or friends) shapes how they manage their finances (29%) compared to older millennials (19%). Hiring a financial advisor comes with a cost, but financial questions can carry more weight as you get older, and the risk of making underinformed or ill-informed decisions has its own price.
Takeaway: “While many millennials prefer a DIY approach to financial management, some prefer to outsource that task,” says Kimberly Palmer, personal finance expert at NerdWallet. “If you decide to work with a financial professional, the most important factor is finding one who can support your particular situation. Searching by specialty or getting a recommendation can help you get the right fit.”
Younger millennials are at the forefront of the AI curve
The majority of Americans (82%) do not typically use AI to learn about personal finance topics, according to the survey, but this technology is making inroads.
About one quarter of younger millennials (24%) and a third of Gen Zers (33%) say they typically use AI to learn about personal finance topics, more so than Gen Xers (16%) and baby boomers (8%). Older millennials behave similarly to Gen Xers when it comes to using AI for personal finance topics (19%).
These results echo an earlier NerdWallet study that showed 60% of Gen Zers and 66% of millennials say using AI will have a positive impact on their personal finances, while 48% of Gen Xers and 26% of baby boomers said the same.
Takeaway: We don’t recommend getting investment advice from AI. But there are other ways to put AI to use. Share your financial plan, budget or monthly spending and ask for feedback, like where you might save money or where your blind spots are. The response you receive can augment your own self-assessment in a way that leaves you in control.
Putting this information to use
Millennials may learn about personal finance in a variety of ways, but the real test is whether that information is translating to results.
Many of them think so: Three in four (75%) millennials say they feel in control of their day-to-day finances, compared to 61% of Gen Zers, 75% of Gen Xers and 89% of baby boomers.
While day-to-day finances appear to be generally under control, long-term needs may require more attention. The survey shows that a majority of millennials contribute to emergency funds (67%) and workplace retirement funds (62%), while 48% contribute to a traditional or Roth IRA.
That’s great news, but much fewer make regular contributions: 39% of millennials make regular contributions to an emergency fund, 42% to workplace retirement funds and 33% to a traditional or Roth IRA.
Takeaway: Opening an account and making a contribution to an emergency or retirement fund is a great first step. But building wealth is an ongoing process. Automating contributions is the best way to make sure those accounts keep growing.
“Ultimately, crowdsourced financial advice can only get you so far,” Palmer says. “It can provide reminders, inspiration and insight, but since everyone’s financial situation is different, there’s also a risk in relying too heavily on other people’s opinions. In the end, a hybrid approach where you take insights from social media while also running them past friends, family and financial professionals can give you a more balanced perspective.”
Methodology
This survey was conducted online within the United States by The Harris Poll on behalf of NerdWallet from July 7-9, 2026 among 2,089 U.S. adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].
Disclaimer
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