Gen Y is staying away from the banks and Wall Street

Just like the Great Depression shaped the financial mindset of our grandparents and great grand-parents, so the Great Recession right now is doing a similar thing to teens and twentysomethings.

They don't trust banks, don't plan to invest in the stock market, they don't even want to get insurance. Microsoft funded a study done by KRC Research that surveyed 500 "Milennials" ages 18 to 29 about their take on personal finance.

Their trust in the U.S. government and the financial markets are shot but unlike their parents, who usually have some experience with investing in stocks, mutual funds and retirement plans, this younger generation doesn't want to touch those with a 10-foot pole.