"Generation Y" turns to social media more often than advisors for financial information, according to a survey conducted by TD Ameritrade.

One in three select social media as a valued source of financial information compared to 10 per cent who choose advisors, the survey found.

“Millennials have come of age at a time when the economy has seen considerable turmoil and many of them witnessed their parents’ and grandparents’ financial struggles firsthand,” said Stuart Rubinstein, managing director of client engagement at TD Ameritrade.

Furthermore, 60 per cent of those aged 22 to 34 say that they turn to friends, relatives and colleagues to stay informed about news and events shaping the economy and financial markets, compared to 43 per cent of those in their parents’ ("Baby Boomer") generation, and only 31 per cent of those in their grandparents’ age group who felt the same.

The good news is that they are taking responsibility for their finances earlier than older generations: 62 per cent of Gen X and 69 per cent of Gen Y took responsibility for their finances in their teens, compared to 53 per cent of Baby Boomers.