Millennials Seek Financial Advice at Age 29, Nearly a Decade Earlier Than Gen X

Millennials tend to have a certain reputation. The media likes to portray them as an entitled generation of people who care more about gourmet food and hipster fashion than their finances.

In reality, there are plenty of millennials who have a solid handle on money. And one key piece of data backs up that claim.

Millennials are ahead of the game on financial planning

A recent Northwestern Mutual survey found that millennials, on average, seek guidance from a financial advisor at an average age of just 29. By contrast, members of Gen X start working with a financial advisor at age 38 on average.

Baby boomers, meanwhile, are in a whole different category. They didn’t start working with a financial advisor until age 49.

It pays to work with a financial advisor from a young age

There’s a real benefit to having a financial advisor from a young age — they can guide you through various stages of your financial journey.

When you’re in your 20s or early 30s, your finances can feel overwhelming. You might still have student debt to pay off, and you may be grappling with huge childcare costs. And in today’s real estate market, buying a home at a young age can be a huge challenge by itself.

Once you reach your 40s, you may already be in a home you own. At that point, though, you may be dealing with repairs, college savings, and stress regarding career choices.

By your 50s, you may not have kids living at home full-time. But then you’re in the home stretch as far as retirement savings go.

Having a financial advisor in your corner could make all of these stages of life easier. An advisor can help you manage your paycheck when it’s tiny so you’re able to stretch it and carve out savings. They can then help you invest savvily in your 30s, 40s, and 50s so that by the time your 60s roll around and you’re ready to retire, you’re sitting on a substantial nest egg.

Don’t forget, too, that once you’re in retirement, a financial advisor can benefit you in many ways.

They can help you manage risk within your portfolio at a time in life when you need to be careful. They can also help you establish a safe withdrawal rate that lowers your chances of running out of money. And they can help you decide when to claim Social Security, which is another huge decision that could play a big role in your retirement finances.

Don’t wait to start working with an advisor

If you’re on the younger side, you might assume that you don’t need to meet with a financial advisor just yet — or that you don’t have or earn enough money to do so. In reality, the sooner you establish a relationship with a financial advisor, the more successful you might be in meeting your various goals.

So don’t let your young age stop you from scheduling a meeting. It could be one of the smartest decisions you’ll ever make.