Carleton English of Philadelphia, a 30-year-old with a professional background in financial services and wealth management, thinks it's possible the conservative mindset could change over time.
"Hopefully, the economy continues to pick up and millennials pay off a big chunk of their student loan debt. When they have more of a cash cushion, then maybe they will be less risk averse," English said.
Similar to her counterparts, English, who led financial literacy seminars for young adults in Seattle from 2008 until 2012, said she feels more comfortable putting off big purchases, buying just what she needs, and holding cash.
It appears this trend extends to those born during the late 1990s, otherwise known as Generation Z.
(Read more: Surprising sign of growth ahead for the US economy)
A survey out this month, conducted by Millennial Branding and Internship.com, found high school students are now more career-focused than college students. Half of the 326 companies surveyed, which were mostly small businesses, are creating high school internship programs this year.
Even though the survey didn't address whether the internships were paid, Millennial Branding founder Dan Schawbel doesn't think this is an issue. He believes the results confirm millennials are more goal-oriented than previous generations to ward off economic setbacks later in life.
"After pressure from their parents, the economy was the biggest factor in terms of why they are already thinking of their careers in high school," Schawbel said.
He added that young Americans don't want to delay adulthood and live at home after college.
They want to be as prepared as possible to be independent and financially sound—even if that means starting internships earlier and being extremely disciplined with their finances.