Findings from the second annual Guardian Workplace Benefits Study reveal that many millennials identify themselves as Do-It-Yourselfers when it comes to making financial decisions. The tendency to rely on friends, the Web and social media for advice rather than on professionals is costing them -- not only in their wallets but potentially in their health as well.

Forty percent of those polled in Guardian’s 2014 Workplace Benefits Study identify themselves as DIYers when it comes to financial planning. The study also indicated that these independent-minded individuals appear to be falling behind their peers when it comes to preparing for a secure retirement and obtaining insurance solutions.

Fifty-two percent of DIYers report that the benefits they receive through work account for most or all of their benefits and retirement preparations. However, this same group consistently underprioritizes and underperforms on key financial objectives when compared with the one-quarter of survey participants who identify themselves as Do-It-For-Mes.