Money Talks—But Not at the Dinner Table: Why Only 47% of High-Earning Millennials Seek Family Advice

The independence mindset of high-earning Millennials

Known as the “digital-first” generation, millennials grew up with easy access to high-speed internet and smartphones. Therefore, it’s no surprise they depend on online resources, such as articles, videos, podcasts, and e-books rather than inherited financial advice from their friends and family.

Most of them would rather perform a quick internet search than call up their parents any time they need answers to their most pressing financial questions. They’re all about independence and self-reliance and less about traditional financial discussions that may have been more popular among baby boomers and other older generations.

The trust gap—why family advice isn’t always the first choice

There’s no denying that times have changed and millennials have different financial experiences than their parents once had. What might have worked for mom and dad may no longer be relevant. Millennials often realize this and look elsewhere for financial advice. 

In addition, they understand that while their parents may believe they know what’s best for them, their insights are likely based on their personal experiences and emotions rather than hard facts and unbiased perspectives. Lastly, some millennials are insecure about their finances (despite the fact they earn a lot) and uncomfortable with discussing them with family.

Digital resources over dinner table conversations

The recent rise of financial influencers or “finfluencers” has completely revolutionized the way millennials make financial decisions. Millennials are known to seek out advice from these influencers on topics like budgeting, debt repayment, savings, investing, and more through online forums as well as social media platforms like Instagram and TikTok.

While DIY research can save millennials time and money, it can also be detrimental. Since many finfluencers earn income through affiliate marketing and sponsorships, they may promote financial brands or products that aren’t necessarily good for millennials. Their advice is usually skewed and might even involve scare tactics or misinformation for the sole purpose of boosting their follower base and income. In some cases, DIY research can hurt, rather than help millennials.

The role of financial institutions in bridging the gap

Due to the way millennials think about money, there’s an increasing demand for financial products that cater to high-earners with unique needs. Trusted financial partners can provide structured, flexible financial solutions in the form of personal loans, for example.

At BHG, we offer personal loans of up to $200,000¹ with flexible terms of up to 10 years^1,2, allowing high-income millennials to consolidate debt, lower monthly payments, and pave the way to financial stability.

Why even high-earners need debt solutions

When we think of high-income millennials, we assume they don’t have to worry about financial stress. However, even those with high-paying jobs may face a number of financial hurdles. For example, certain life stages demand certain financial milestones, like helping to pay for a child’s tuition or investing in a business opportunity.

Depending on their profession, they may also have significant amounts of student loan debt to repay. In many cases, they don’t have a lot of cash at their disposal and struggle to manage student loans, real estate investments, and credit card debt efficiently.

How a BHG Personal Loan can provide financial freedom

At BHG Financial, we pride ourselves on offering customized financial solutions to help high-income millennials succeed financially. With our flexible personal loans, you can consolidate your high-interest debt into one low monthly payment, simplify the repayment process, and give your monthly finances a little room to breathe so you can optimize your finances in other ways like building an emergency fund or investing. 

Designed specifically for high-income professionals, our personal loans come with set repayment terms so you can easily budget for your payments and set a clear course for eliminating your debt. They’re the ideal way to optimize your financial strategy and thrive for years to come.

To succeed financially, seeking the right guidance (no matter where it’s from) is key. Whether you turn to finfluencers, your parents, friends, or even a financial institution, ensure they understand your unique situation and have your best interests in mind. If you’re seeking  personalized financial solutions as a high-earning millennial, BHG Financial is a good place to start. 

With our dedicated, U.S.-based concierge service, you can receive the guidance you need to make smart financial decisions and enjoy the peace of mind financial security may bring. Ready to take control of your finances? Explore BHG Personal Loans today and make your money work smarter.