Millennial Money Study with Fidelity

martinis and your money

Millennial Money Study with Fidelity

This week is Millennial Money Week on my podcast, Martinis and Your Money, and I’m kicking it off with Kelly Lannan, a Director of the Women and Young Investors Group from Fidelity. Fidelity recently released a new study about Millennials and money, and Kelly joined me in person at the Financial Gym to talk about the surprising and not so surprising results of this study.

What are we drinking?

Kelly — sugar-free red bull

Shannon — sugar-free red bull

Podcast Notes

  • Kelly specifically works with the college age group–18-22 year olds.
  • Shannon and Kelly agree college students are not thinking about student loans while in school but then focus only on paying down their debts once they graduate.
  • Fidelity’s perspective is “debt and savings have to go hand-in-hand.”
  • Make sure you have an emergency fund first.
  • Fidelity recently issued a millennial money study that found 47% of millennials have let their parents pay for certain items at some point.
  • Kelly admits she is still on her parents’ cell phone plan.
  • Other ways millennials receive help from their parents can be found on this infographic.
  • Shannon thinks financial help from parents is a good thing at some points, but you need to be weaned off eventually.
  • Fidelity provides action steps to help those still on the “financial family plans.”
  • Fidelity encourages millennials to talk to someone for financial advice.
  • They created a site to help millennials with these steps.
  • Over 60% of millennials say their parents are their financial role models.
  • However, millennials are hesitant to discuss finances with their parents.
  • Shannon and Kelly agree that money talk is still taboo.
  • Fidelity created an app as a learning resource for millennials and others that aims to make learning about money as simple as possible.
  • TAKEAWAY: There are numerous resources to help you get informed about money. Whatever resources appeals to you, find it and get started learning!

Random Three Questions

  1. What is your favorite TV show to binge watch?
  2. Are you an appetizer person or a dessert person?
  3. If you won a million dollars, what would you do with it?

Connect with Kelly/Fidelity:

Financial Cord Video

Millennial Money Study

Financial Family Plan Infographic


Do you still receive financial support from your parents? When do you think kids should stop receiving financial support from their parents?

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.


  1. Congrats on your grand opening! I really enjoyed the stats you and Kelly discussed, I was most surprised at the savings. I had no idea that many people were focusing on that. Thanks for sharing!

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