2017 Millennial Money Mindset Report: Millennials expect Financial Institutions to provide solutions for their largest financial challenges.

Karen White Featured

iQuantifi’s 3rd Annual Millennial Money Mindset Survey shows that 45% of Millennials claimed prioritizing multiple goals and financial needs at the same time is their biggest challenge to improving their finances.

Nashville, Tenn., August 25, 2017iQuantifi, the only goal-based RoboPlanner® that services the mass market with automated financial planning and investment advice while generating highly qualified leads for institutions, announced today the results of its third annual survey.  This new study included further exploration of the tools and comprehensive advice that Millennials indicated they wanted from their financial institution in previous survey results.  The findings show that Millennials are still looking for more comprehensive and in-depth solutions to their problems with 40% of respondents indicating that Developing a Financial Plan was their second biggest challenge.   

The 2017 Millennial Money Mindset Survey, conducted in partnership with Middle Tennessee State University, revealed that 54% of Millennials selected Personalization as the most important factor to financial planning. Moreover, 50% stated that comprehensive planning which addresses multiple goals, debts, and insurance needs would be important to them.  

The study also revealed that there were significant variances in goals and challenges that correlated to status profile.  Results showed that Going Back to School was a priority for single participants, while Retirement was a top goal for married participants. This presents a tremendous opportunity for financial institutions that can customize their solutions.

In addition, there is a significant gap between the technologies that Millennials have used and technologies that could address their largest challenges.  While 81% of Millennials surveyed say they have used online banking technology, only 8% claimed to have used financial planning technology and only 4% have used investment technology.

“Millennials are demanding more from their institutions when it comes to their individual financial goals because they are not achieving them,” said Tom White, iQuantifi’s CEO and Co-Founder. “There is considerable need for comprehensive planning due to the challenges they face of juggling multiple goals, not knowing where to start, and not receiving advice on the appropriate products to use.  By offering these services online, banks and other institutions can attract and retain Millennials.”

A year-over-year shift in Millennials’ financial priorities seem to indicate a more forward-looking mentality among those surveyed.  Though they struggle to pay down debt, which was their top goal with 58%, they indicated that managing their debt was not their biggest challenge.  In fact, Developing a Financial Plan showed an 11% increase from previous years.

Millennials also show increasing trust in their financial institutions to recommend products and services that help them reach their financial goals.  Over half of the respondents (55%) stated their primary financial institution was trustworthy and reliable.

To view the complete results of iQuantifi’s 2017 Millennial Money Mindset Survey, please follow this link:  2017_Millennial Money Mindset Report


The results released in this report are based on a nationwide online survey of 500 randomly selected Americans between the ages of 21 and 35, collected February 16-21, 2017. With a sample of 500 respondents, we can say with 95% confidence that the amount of survey error due to taking a random sample instead of surveying all members of the population is ± 4.4%.

About iQuantifi

Based in Nashville, TN, iQuantifi is a financial technology company that partners with financial institutions to enable them to provide their customers with fully automated, goal-based digital advice, comprehensive planning and investments.  iQuantifi’s RoboPlanner® integrates the institutions products (deposits, loans, investments and insurance) into actionable recommendations to help their customers achieve their financial goals while generating highly qualified leads for the institution.  To learn more, visit www.iquantifi.com.

About Middle Tennessee State University (MTSU)

Founded in 1911 as one of three state normal schools for teacher training, MTSU is the oldest and largest undergraduate university in the Tennessee Board of Regents System.

With an enrollment of more than 22,000 students, MTSU remains committed to providing individualized service in an exciting and nurturing atmosphere where student success is the top priority. With a wide variety of nationally recognized academic degree programs at the baccalaureate, master’s and doctoral levels, MTSU takes pride in educating the best and the brightest students from Tennessee and around the world. Learn more at www.mtsu.edu.

About Ennovo

Ennovo Group is a Nashville, TN based enterprise consulting company that specializes in providing technology consulting services for small to medium sized enterprises in the fields of Business Analytics, Mobile Development and Enterprise Security. Learn more at www.ennovogroup.com.