How to enhance financial wellbeing with financial information fit

In this research study published in the Journal of Financial Counseling and Planning, our team investigated how Millennials look for financial information to improve their financial wellbeing. We found that Millennials seek information sources who “fit” their own personal characteristics. We provide suggestions for how organizations can improve their “fit” by cocreating financial information with seekers, tailoring the communication channels, and enhancing the accessibility of information.

Citation: Huang, E.J., Lassu, R.A., & Chan, K.K. (2018). User-source fit and financial information source selection of millennials. Journal of Financial Counseling and Planning, 29(2), 272-289.

Abstract: 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.

URL: https://www.researchgate.net/publication/329195813_User-Source_Fit_and_Financial_Information_Source_Selection_of_Millennials