Generation Y is taking responsibility for their finances at an earlier age than their predecessors and they're not afraid to ask for advice-from anyone, according to TD Ameritrade.
Sixty percent of those between the ages of 22 and 34 say they turn to friends, relatives and colleagues to stay informed about the events shaping the economy and financial markets, according to TD Ameritrade's annual Investor Index survey. By comparison, 43% of their parents' baby boom generation, and only 31% of those in their grandparents' age group said they would do the same.
One in three Gen Yers, or Millennials, said they viewed social media as a valued source of financial information.
"Millennials have come of age at a time when the economy has seen considerable turmoil and many of them witnessed their parents' and grandparents' financial struggles firsthand," said Stuart Rubinstein, managing director of client engagement at TD Ameritrade. "The good news is that they are taking financial responsibility earlier, and their collaborative nature will help them work together to learn from the past and better prepare for their future."
The study also showed Gen Y is skeptical of professional investment advisors, with only 10% of respondents trusting them the most as a valued source of news.
They also showed signs of being financially responsible at a young age, with 69% indicating they took responsibility for their finances in their teens, and 47% reporting they were taught about money and personal finance at age 12 or younger.
"The younger generation is truly embracing the saying that nobody cares more about your money than you," Rubinstein continued. "They're not afraid to ask for help or information-in fact, the more the better. At the end of the day, they just want to be able to make educated decisions, and that's a very healthy attitude for today's investors to have."