"They lived through a very turbulent financial period when they saw their parents finances hurt by the (credit) crisis," Ramsey says. "They are shell-shocked by the market and keeping their cash in savings accounts."

Start With A 401(K)

The first place to start saving for retirement is generally a workplace 401(k) or an equivalent, if offered. In many such plans, employers match some worker contributions; that is like free money.

Individual retirement accounts (IRAs) are also key retirement vehicles, especially if you do not participate in a plan at work. Traditional IRAs can be seeded with pre-tax dollars, while contributions to Roth IRAs are made with after-tax money.

Certified Financial Planner Carina Diamond of SS&G Wealth Management suggests a three-pronged approach to younger clients: Cut debt, invest more and make sure you have an emergency fund.

Most of all, have a financial plan. Unlike grandpa, young people today can tap into a new breed of investment companies for help, including robo-advisors, which use automated algorithm-based financial planning.

One of the largest robo-advisors is Wealthfront, which requires a $500 minimum investment but will manage the first $10,000 for free. Competitor Betterment has no minimum and charges as little as a 0.15 percent management fee.

Diamond also advises spending an hour with a fee-based financial planner, who can make sure you are not overlooking any circumstances that might not be picked up by the robo-advisors' algorithm.

The key message for today's college grads? Work does not have to be a grind.

"Fewer millennials are in jobs that they hate. Some of their parents were miserable dragging themselves to work," Diamond notes.