Research conducted by Bud reveals nearly half of young Brits (45%) will first turn to family members for financial advice over banks, indicating a prevailing disconnect between millennials and their financial services providers. The headline figure was taken from Bud’s multimedia research initiative called Futureproof, which aims to shed light on the complex relationship people have with their money and act as a driver for meaningful and positive change within the financial services industry. The data was gathered in a quantitative study of 2000 young people between the ages of 22-35.

Far from the stereotype of a feckless generation concerned more with spending on Instagrammable avocado on toast than saving, the research discovers the millennial generation to be multi-faceted, ambitious and autonomous when it comes to their financial lives. Sixty-three percent of respondents are optimistic about their financial future, but the majority (96%) do worry about it. Over half (57%) go as far as to say they feel ‘’stressed out’’ about money.

Interestingly, millennials are not shying away from money issues. Instead, they are actively seeking ways to improve their financial situation. Eighty-percent are proactively looking for financial advice to overcome their worries; specifically, on how to save more (48%), build a passive income (27%), and ultimately become financially independent by working for themselves (53%). Half of the group, however, were dissatisfied with their financial circumstances, a possible clue for why they are turning to family for advice.

Expanding on the findings, Ed Maslaveckas, CEO at Bud said: “We conducted this research to understand the young generation’s money challenges as well as identify areas we can redefine their relationship with it. The findings validate our view all along: the financial services industry isn’t fully meeting the needs of this generation; which explains why millennials are turning to parents for money advice. To solve this issue, the industry must work collaboratively with innovation specialists to create solutions that support people with actual problems and ambitions - whether they are hunting for unique life experiences or planning for the future. Our mission at Bud is to enable this collaboration, by showing how leading innovation and insight-based product development can help create services that put the consumer at the core, and make the money parts of life much, much simpler.”