WASHINGTON (12/11/14)--Millennials have trust issues when it comes to seeking out financial advice. But the consumer finance website NerdWallet has found a place to which these young consumers can safely turn: credit unions.
Nearly 25% of those born between 1980 and 1989 said they trusted "no one" for money advice in a recent study from Fidelity Investments (Huffington Post Dec. 9). And nearly 40% said they regularly worry about their finances.
Credit unions, among several other sources listed by NerdWallet, can step in and be that trusted source of financial guidance, the website said.
"Because credit unions are nonprofit organizations, any money they make off of their financial products is reinvested into their institutions," said NerdWallet's Graham Ober in the Huffington Post blog. "This helps them provide more affordable fees on loans and mortgages.
"It's in every credit union's best interest, therefore, to have members who are knowledgeable about their finances and who don't, for example, default on loans."
Ober added that many credit unions offer excellent online education centers that feature free tools and loan calculators that both members and non-members can access.
In addition to credit unions, NerdWallet suggests turning to family members for help in managing finances.
"Whether it was overspending on a credit card or not saving enough cash for retirement, chances are good that your parents made some mistake in their day," which they can use as a teaching point, the article said.
NerdWallet also lists certified financial advisers as possible resources, as they can help consumers establish savings goals and reevaluate spending habits.
Spending money on an adviser may scare some consumers away from the idea, but NerdWallet lists several affordable options that are available, including its own "Ask an Advisor" platform and the National Foundation for Credit Counseling.