Not all risk is bad, though, warns Keckler. It just has to be appropriate. For example, many millennials are wary of stocks because they saw their parents' savings get whacked after the Internet bubble, taking more than a decade to recover.

"This generation is just starting to enter their strong earning years, so they are moving past the point where the majority of their spending is concentrated on essentials and paying down debt," Keckler says. "Now, millennials are focusing on their future and looking at buying a new car, a home, and other big investments."

Avoiding Equities

One thing some millennials are particularly wary of is investing in stocks. Eleven percent stay out of the stock market when it becomes volatile, and 14 percent are making investments guaranteed to never lose money, according to Ameriprise data. 

"They have not seen a massive bull market like we did in the 90"s," notes Cary Carbonaro, a certified financial planner and author of "The Money Queen's Guide." "The 2000s were the lost decade. It was the only time when you barely made money and only if you did everything right."

While millennials pay attention to what mom and dad have to say, Ameriprise found that they also want other advice from outside sources. That can come from investment advisors as well as online tools. 

In addition to working with a financial planner, which is always a good idea, Carbonaro recommends Khan Academy videos for young people looking to get up to speed. At the very least, they will know the questions to ask when they do go to a planner for advice.

She says many planners will work with young people starting out for as little as $100 an hour.

But when it comes to the bottom line on money advice, the millennials know, no one will ever have their back like mom and dad.

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