Why young people are scared to talk to advisors. And why you should break the stigma.

As someone who is a part of Generation Z and used to fear the idea of financial advisors myself, I feel confident I can speak on this subject. Younger people now tend to be a lot more “do it yourself” minded now when it comes to everything, which includes managing their finances. Talking about money has become such a taboo topic to the point where people are scared to talk to anyone about it, including a professional. Younger people also tend to have a preconceived idea that getting help from an advisor will cost them a large amount of money. And why would you want to pay for something you do not even think you need?

According to Herbsandcompany.com, 52% of people who do not have advisors say it is because they “desire more independence” while 30% do not believe they need help and 14% do not think they have the time to talk to someone.

A lot of these ideals have to do with the social media culture of today. A good number of Americans admit to getting their financial advice from the internet and even from social media platforms. Because people have become so ‘independent,’ they rarely ask for help if they do not see an immediate need.

When it comes to financial management, doing it yourself is always an option just like with anything else. However, not talking to someone because you are scared to or do not think they can help is not a good reason. You wouldn’t avoid going to a doctor because you read online that you can fix your problem yourself, would you? The same should go for seeking professional finance advice. You never know how much it could help you until you give it a try.

As someone who feared talking about finances until recently, trust me, it is nowhere near as scary as it seems. Advisors want to see their clients succeed, and they want to help you thrive.

Here are just a few ways you can set yourself up or success:

  1. Start NOW. A good number of younger people tend to think they have plenty of time ahead of them to save for retirement. Which may be true, but the sooner you start, the better you set yourself up for success further down the road. However, it really is never too late to start! No matter your age, you will most likely benefit from an advisor, even if it is just for their advice.
  1. Talk to a professional. Most advisors are happy to talk to you without requiring a commitment. As with anything else, you never know until you try. You can have all of the preconceived opinions you want about advisors, but you truly will not know how much it can benefit you until you actually give it a shot.
  1. Find someone who fits your needs. Many advisors do things slightly differently, and every person has different desires in how they want their finances handled. Finding someone who understands you and your personal/ family goals is very important. Also, do not get discouraged if the first advisor you meet does not seem like the perfect fit. Keep trying! And remember, you are more than the number in your bank account, so find an advisor who treats you that way!
  1. Watch them take some weight off your shoulders! Dealing with your financial needs alone can be stressful and time-consuming. Professionals do this all day, every day. Let an advisor help you reach your goals with confidence!

All this is to say, take the first step! Do not let your fears or doubts hold you back from what is out there for you. A year ago, I never would have thought I could benefit from the help of a financial advisor. But like I said, you never know until you give it a chance. Trust me, it never hurts to try!

Abby Slade

**Any opinions are those of the author, are subject to change, and are not necessarily those of Raymond James. This material is being provided for information purposes only, is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Prior to making an investment decision, please consult with your financial advisor about your individual situation.