The Nationwide Retirement Institute conducted a survey and found 64 percent of millennials who invest have financial plans. However, the survey also stated 68 percent of millennials who are investing don't believe they're saving enough for retirement.
The survey found only 36 percent of millennial investors only guess the amount of money they'll need for retirement. Almost one in four surveyed do not know if they have a 401(k) plan.
"The good news is that millennials acknowledge the value of a professional [financial advisor] and want to save and invest more," said Mike Spangler, President of Nationwide Funds, in a press release. "The financial industry has a real opportunity to help millennials understand how to balance the demands of paying for today with investing for their future."
Only 39 percent of millennials use a financial advisor, according to the survey, however 50 percent of Millennials are will consult a family member.
The results of a separate survey conducted by the Teachers Insurance and Annuity Association of America were nearly the same regarding millennials consulting their parents for financial advice. In addition to parents, 37 percent would consult their spouse on financial matters.
Credit unions provide a better solution
Many credit unions offer their members financial planning advise and counseling. Instead of relying on parents or other family members, millennials can turn to their credit unions to help them with their financial goals.