Millennials have issues with trust about money, and they worry about money a lot.
That's the news from Fidelity Investments' first "Millennial Money Study," which found — among other things — that Gen Y folks, like so many others, are worried about their financial future. Thirty-nine percent say they worry about it at least once a week, maybe more.
Women in this generation are more worried than men. While 19 percent of millennial men say they never worry about their financial security, only 2 percent of women were so carefree.
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And while 33 percent of millennials say the source they trust most for information on money is their parents, 23 percent said they trust "no one." And that was the second-most common response.
"Feeling financially 'on their own' about finances … could be fallout from the Great Recession, since many Gen Y-ers witnessed their parents and grandparents struggle with the impact of job losses, tighter budgets, and/or declining retirement accounts," said Kristen Robinson, senior vice president, Fidelity Investments.
On the bright side, 76 percent of millennials told Fidelity they are ready to start conversations with their parents about saving and investing for the future. That, naturally, was viewed as encouraging, keeping families talking about goals and improving their chances to be financially secure.
Still, nearly half (49 percent) say they don't get any financial advice from their parents, and 27 percent of millennials keep their financial thoughts to themselves rather than share with parents.
Many Gen Y-ers (47 percent) are already saving for retirement, but that means 53 percent aren't. Fortunately for them, 52 percent put "accumulate more for retirement" at the top of the issues they're dealing with.
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