Financial Trust Factor: Millennials Prefer to Manage Their Own Money

Financial Trust Factor: Millennials Prefer to Manage Their Own Money

In case you haven’t heard, Millennials are having a hard time when it comes to their finances. Some are drowning in a sea of student loans; others are still living in Mom and Dad’s basement until they find a full-time gig.

So it seems as though they could use a little help in the financial arena—and yet, new research reveals many Millennials are choosing to fly solo when it comes to managing their money.

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A lot of that has to do with trust. According to the survey from Fidelity Investments, nearly a quarter of Millennials say they can’t trust anyone for information about money—even though 39% fret about their finances at least once a week.

Fortunately, a good number still turn to Mom and Dad: One-third of respondents say they rely on one or both of their parents for financial guidance. (11% turn to Mom and 8% turn to Dad.) But there are still 41% who see their parents as poor financial role models, and 27% say they don’t tell their parents anything at all about money.

So what’s behind all this wariness to turn to outside help? It could be the fact that many Millennials haven't tried having a money conversation with anyone—whether a parent or a financial professional. “Money is still a very taboo subject, it’s hard to talk about,” Lauren Brouhard, senior vice president of retirement for personal investing at Fidelity Investments, told MarketWatch.

The good news is that more and more parents are starting to talk to their kids about money from a young age. But once that tot turns into a teen—and then a young adult—it’s important to anchor money talks around big life changes, such as college graduation and buying a home for the first time. Starting early can help turn your child into a money-savvy young adult.

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