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Why Millennials Shouldn’t Take Financial Advice From Mom & Dad

By Lou Carlozo, Yahoo Finance

Where college-age millennials once leaned on parents for everything from spending cash to laundry help, they’ve graduated to a new facet of dependence that’s just coming out in the wash: financial advice.

Two new surveys, one by Fidelity Investments and the other by TIAA-CREF, both released this fall, reveal that millennials seek out their parents more than anyone else for financial guidance. In Fidelity’s “Millennial Money Study,” which surveyed 152 adults ages 25 to 34, 33 percent of millennials identified parents as their top choice for trusted money advice.

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