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

"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."

"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."

Millennials seek financial advice at an average age of 29, compared with Gen X at 38 and baby boomers at 49. Early access to a financial advisor helps manage challenges like student debt, childcare costs, and a difficult housing market. Advisors assist with budgeting when incomes are low, establishing savings, and building investment strategies through the 30s, 40s, and 50s. Advisors also support handling home repairs, college savings, and career-related financial choices. Consistent advising over decades increases the likelihood of accumulating a substantial nest egg by the time retirement arrives.

Read at 24/7 Wall St.