Understanding Financially Stressed Millennials’ Hesitancy to Seek Help: Implications for Organizations

This study investigates antecedents of Millennials’ desire to seek help with finances. Being financially stressed has negative implications for Millennials’ overall well-being, and thus their academic performance and workplace outcomes. The benefits of healthy Millennials extend to universities in terms of four-year graduation rates and placement success, and to employers in terms of employee engagement and higher profitability. We surveyed 488 college students, and found that 97% had some degree of stress over their finances. Results suggest that financial stress alone is insufficient in prompting students to seek help with their finances. Their hesitancy is also influenced by financial health self-efficacy, which partially mediates the effects of grit, subjective financial knowledge, and involvement with financial matters on seeking help. Gender plays a minor role. We provide suggestions regarding how universities and employers can help Millennials advance their financial well-being, and in turn enjoy the rewards of a healthier student body and workforce.