If you thought "old souls" was strictly an expression referring to reincarnated people, think again. The term also describes one aspect of millennials' behavior when it comes to money. 

So says the 2015 Northwestern Mutual Planning and Progress Study, which found that members of Gen Y are, in fact, quite conservative and risk-averse with regard to their finances. Millennials, it said, are also more confident and optimistic about reaching goals and thus can also be described as "young idealists." 

But the 18-34-year-old set is "just like their grandparents" when it comes to money, according to Northwestern Mutual's survey, which was conducted by the Harris Poll in January. The company surveyed nearly 5,500 U.S. adults aged 18 and older.

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