Millennials today are positioning themselves to be in betterfinancial shape than their older counterparts, according to anAllianz Life survey released Tuesday.

At the same time, the siren call of social media could undermine their best intentions, thestudy found.

As evidence of what Allianz Life called “millennials' financialAchilles' heel,” 55% said they had experienced a fear of missingout (FOMO), and 57% reported unplanned spending because ofsomething they had seen on their social media feeds.

Eighty-eight percent of millennial respondents also agreed thatsocial media reinforced a tendency to compare one'swealth/lifestyle with that of others, compared with 71% of Gen Xersand 54% of boomers who believed this.

Six out of 10 millennials reported feelings of inadequacy abouttheir own life and what they had because of social media. AllianzLife said that perhaps because of FOMO, half also claimed theyspent more money going out than on rent or mortgage.

“Millennials are finding innovative ways to build theirfinancial strength and are becoming more confident because of theseactions,” Allianz Life's vice president of consumer insights PaulKelash said in a statement.

“But, more than any other generation, social media and theallure to spend beyond their means could have long-term negativeeffects on their finances if they're not careful.”

Allianz Life commissioned the survey, which was conducted onlinelast May by Larson Research + Strategy among 3,006 U.S. adults,ages 20 to 70, with a minimum household income of $30,000.

Contrary to notions about their financial irresponsibility andfrivolous spending habits, 77% of millennials surveyed said theyfelt financially confident, compared with 64% of Gen Xers, and48% who had a 401(k) said they contributed 10% or more monthly,compared with 44% of baby boomers and 36% of Gen Xers whoreported the same.

The study also showed that millennials are better savers thanolder generations: 41% said they always set aside money each mothfor saving, compared with 36% of Gen Xers, and 58% consideredsaving for retirement a basic necessity, similar to housing orfood.

Seven in 10 millennials said they used “tricks” to make savingmoney easier, for example, maintaining several different accountsto automatically save their money for specific purposes.

Millennials also reported their median retirement savings to be$35,000, which was equal to Gen Xers', who have less time to buildtheir nest egg.

But does that mean millennials will be ready for retirement?Recent academicresearch raises doubts.

Recession's Long Shadow

Recent financial upheaval has also had a profound effect onmillennials, Allianz Life reported. Twenty-four percent of thosesurveyed saw their parents suffer a major financial setback duringthe 2000–2009 recession.

Possibly as a result, 57% said they wereunlikely ever to invest in the stock market. In addition, 65% saidthey were uncomfortable with too much debt because they had seentheir parents struggle with it.

“While it's promising that many millennials are working to avoiddebt and build savings, seeing such a large number of them averseto investing is a concern,” Kelash said.

“A balanced approach to saving and investing is a strong recipefor a solid retirement and if they have worries, a financialprofessional can help them find the right balance.”

Indeed, the study found millennials the most open amongrespondents to getting help. Although 70% of the youngestrespondents said they used online apps or tools to help them managetheir money, they also valued human support.

Forty percent of millennials said they had a financialprofessional and worked closely with that person, compared withonly 25% of Gen Xers.

Many millennials in the survey believed that having a financialprofessional would give them some relief from the pressure oftrying to plan for their family's future, with seven in 10 sayingthey were overwhelmed by the thought of how they could provide forthemselves and their family in the long term.

Forty-two percent of millennials preferred face-to-facecommunication with an advisor, while 19% said their first choicewas phone communication.