Written By: Emily J. Huang, Reka A. Lassu, and Kenny K. Chan
This study investigated Millennials’ source selection while searching for financial information to improve financial well-being. Results from an online survey of 488 business students at a Western U.S. university showed that Millennials used multiple sources when looking for financial information, but only sources whose perceived attributes fit the seekers’ preferences were considered; respondents favored family, employer/university, and government sources. Associations between personal characteristics (personal financial well-being, financial issue involvement, financial health self-efficacy, gender, and perception of source attributes) and financial information source selection were examined. Findings suggest financial practitioners, universities, and employers can improve their “fit” as financial information sources for Millennials by cocreating financial information with them, tailoring the communication channels, and enhancing the accessibility of information.