Why Millennials Lie to Their FAs
November 12, 2019 by Alex Padalka
Financial advisors working with millennials may need to probe a little deeper to make sure they get the full picture from their clients because close to a third of millennials lie about their finances, according to a recent report.
Thirty percent of affluent millennials say they have lied about their spending or investing either to their advisor or to a money-management application, according to a nationwide survey of 1,405 individuals conducted by Investopedia.
That’s compared to 20% of Gen-Xers who lied about spending or investing, Investopedia found. And that’s despite the fact that the majority of millennials expect honesty from the professionals they work with and the tools and products they use.