Stressed about money and stumped about where to turn: This describes a good chunk of today's millennials. Nearly 1 in 4 say they trust "no one" for money advice, according to a new study from Fidelity Investments.
The company's first-ever "Millennial Money" study, which surveyed 152 adults aged 25 to 34, found nearly 4 in 10 millennials worry about their financial futures at least once per week-no surprise since many in this generation carry heavy student loan burdens and have seen relatives bear the brunt of the housing downturn and recession.
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"Feeling financially 'on their own' about finances could also be fallout from the Great Recession, since many Gen Y-ers witnessed their parents and grandparents struggle with the impact of job losses, tighter budgets, and/or declining retirement accounts," said Kristen Robinson, senior vice president at Fidelity Investments, in a press release.
About a third said they trust their parents most for information on money, but many reported a real lack of communication with their parents about their finances. Almost half reported never receiving financial advice from their parents.
Despite a high level of concern about their financial future, there's a silver lining for these millennials. Nearly half of them are already socking money away for retirement.
"This trend toward saving is encouraging, especially since the oldest of this generation are now juggling competing demands, such as saving to buy a house, raising a family or starting a college fund for their own children," Robinson said.