Millennials are wary of entering the stock market.
New data from the latest Merrill Edge Report shows that, when asked what they'd be able to rely on in 20 years, millennials' top response was their savings account, according to 66 percent of respondents.
When Merrill Edge asked older generations the same question, the majority of Gen-Xers (71 percent) said they'd be able to rely on their 401(k). The top response among boomers (54 percent) was their pension.
"In stark contrast to older generations who are relying on outside sources for their future financial security, millennials are looking to their self-created savings years down the line," Aron Levine, head or Merrill Edge at Bank of America, writes in the report. "Millennials place even greater trust in their own stewardship than they do in their personal relationships with their significant other and friends."