A NerdWallet survey reveals millennials increasingly rely on friends, user-generated content, and advisors for financial advice, reflecting a shift in how younger generations navigate personal finance amid uneven financial literacy.
Millennials are increasingly comfortable taking money cues from places older generations once might have dismissed, with a new NerdWallet survey showing that they are more likely than Gen Xers and baby boomers to learn about personal finance from friends and from user-generated content on platforms such as YouTube, TikTok and Instagram. The online poll, conducted by The Harris Poll in July 2026 among 2,089 U.S. adults, found that 33% of millennials use that kind of content for financial information, compared with 17% of Gen Xers and 8% of baby boomers. It also found that 39% of millennials turn to friends, and that younger millennials are more likely than older millennials to say they are in control of their day-to-day finances.
The findings point to a generation that is large, still in its peak earning years and far from uniform. NerdWallet said millennials have been the country’s biggest generation since 2020 and split the cohort into younger adults aged 30 to 37 and older adults aged 38 to 45. That divide shows up in the data: older millennials are more likely to rely on family for financial information, while younger millennials are more inclined to use an independently chosen financial adviser. Older millennials are also more likely to own a home, suggesting that different life stages may be shaping where each group looks for guidance.
The survey also suggests that convenience and confidence are not the same as strong financial habits. Two-thirds of millennials said they contribute to an emergency fund, but only 39% do so regularly. Similar gaps appeared in retirement saving: 62% contribute to workplace retirement accounts and 48% to a traditional or Roth IRA, but just 42% and 33%, respectively, say they make those contributions routinely. NerdWallet’s personal finance expert Kimberly Palmer said crowdsourced advice can offer ideas and encouragement, but that it works best when paired with more tailored guidance and a clearer understanding of a person’s own circumstances.
The results arrive against a broader backdrop of uneven financial knowledge in the United States. A separate 2026 TIAA Institute-GFLEC index found that adults on average answered only 47% of 28 personal finance questions correctly, while Gen Z adults scored even lower, underscoring the limits of informal learning and the need for stronger financial education. NerdWallet’s study also suggests that artificial intelligence is beginning to influence how younger adults think about money, though most Americans still do not use it for that purpose. For millennials, the message is less about rejecting traditional advice than about combining social media, family input and professional help in a way that matches the complexity of modern finances.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
