Young Adults Don't Trust Financial Institutions

Young adults between 18 and 29 years old don't trust traditional financial institutions very much, according to a new survey commissioned by Microsoft Corp.

Two-thirds of the survey respondents said they won't invest money in the stock market and more than half said they won't invest in a 401(k) or other retirement plan. Slightly less than half said they'd invest in an insurance policy and 22 percent said they would not even deposit money in a bank.

The survey was conducted by KRC Research in Washington, D.C., and asked 500 young people questions about finance.

The youths, which Microsoft describes as the "millennial" generation, weren't too optimistic about the future of U.S. financial institutions. There are an estimated 80 million U.S. youths in the "millennial" generation, Microsoft said.

More than 80 percent said they believe that more financial institutions will fail in the future and 80 percent said that U.S. financial institutions don't deserve any more bailout money.

"The financial crisis has created a deep sense of mistrust in millennials, which is keeping the next generation of wealth on the sidelines," said Colleen Healy, general manager of U.S. financial services at the Redmond computer giant (Nasdaq: MSFT), in a statement.