Some Millennials Have Trust Issues When it Comes to Money
Black Enterprise Magazine July/August 2018 Issue

Close-up of a young businesswoman holding a pair of glassesA recent study by Fidelity Investments revealed that about one in four millennials (23%) says they trust no one when it comes to receiving financial advice. Given a choice, millennials generally trust their parents most (33%) for direction in money matters.

The Millennial Money Study, a follow-up to Fidelity’s Intra-Family Generational Finance Study, surveyed young adults age 25 to 34.

The millennials who responded to the survey expressed anxiety about their personal finances. Roughly 39% say they worry at least once each week about money. Women tend to worry more than men; only 2% of the female respondents say they never worry about money. In addition, when asked what money means to them, about 22% say money represents stress.

Additional survey findings:

  • Two-thirds of respondents think it is more acceptable now for children to move back home after college.
  • About 32% say they’re more financially dependent on their parents than their parents were at the same age.
  • Roughly 34% say at one point they had to move back home to live with their parents after they had been on their own.
  • Close to 50% of millennials have received some form of financial assistance from their parents since leaving home. They received help with expenses such as cell phone bills, car insurance, and groceries.

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