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Budgeting & Saving

Millennials & Money: Who does Gen Y Trust?

Picture this: you're 26 years old and have just received the first significant bonus of your blossoming career. You're trying to figure out how you might spend the money: should you travel or go on a shopping spree? Take in a weekend music festival with friends? On the other hand, you may be thinking about making a dent in the debt you've accumulated—or even considering putting a portion away to benefit your financial future. So, who can you turn to for solid financial advice?

According to Fidelity Investments' first-ever Millennial Money Study, far too many Millennials (aka Gen Y, born 1980-1989) struggle to answer that question. When asked who they trust most for information on money matters, one third (33 percent) of Gen Y-ers identify their parents as the top choice, but almost one in four (23 percent) indicate they trust "no one" when it comes to advice about money, making it the second most common response. (Note: Watch a video of Millennials sharing their fears and tips on handling their finances.)

Looking for more information on managing your finances? After checking out the posts, videos, and resources offered here at YoungFinances.com, check out Fidelity's MyMoney website. The web site has tools, videos and a wealth of resources targeted to people at the early stages of their investing lives, helping them tackle financial challenges and build plans for the future.

Millennials, do you really trust no one? Or are you just looking for a trustworthy institution?

Originally posted 2014-10-13 16:27:46.

By Young Finances

LaTisha is the founder of Young Finances, which teaches simple finance for millennials. She is a millennial lifestyle and money expert helping clients take an existing skill and turn it into an online business.

What started as a financial blog to hold herself accountable while she paid off debt of over $32,000, transformed into a self-development journey allowing her to create a life by design and not by default.
She encourages her audience to blend smart money habits with a dash of the royal treatment as she believes nothing should be too lavish. Her work has been featured in notable publications including Forbes, Fast Company, and Business Insider.

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