Stat: US Millennials favour fortune-tellers over financial advisers

US – A new survey of 2,000 Americans from financial planning service Empower reveals that one in four Millennials turn to a fortune-teller for advice. In contrast, only one-third of the Americans surveyed have spoken to a financial adviser in the past. The results also show how over six in 10 Americans (62%) are still reluctant to talk about money. Many would rather discuss politics (43%) and even death (32%) than their finances (24%).

The research suggests a lack of communication about money strengthens the gender pay gap and only empowers those who dare to research their net worth and can afford to seek professional financial advice. More Americans are now familiar with Elon Musk’s net worth (28%) than that of their own family (24%), while only 38% admit that they know their partner’s net worth.

In Money Market: Gen Z, we previously looked at how this generation of pragmatists have a conservative approach to spending and a progressive view of financial technology. Empower confirmed our findings, as its research showed that over half of Gen Z (53%) and Millennials (58%) would share their salary information on their LinkedIn profile.