While the advice isn't specifically aimed at the high net worth segment of the Millennial population, the advice and commentary fits with what this publication has seen about the kind of issues this part of the population is having to wrestle with.

The American Bankers Association suggests these seven tips to help millennials be financially conscious:

1. Shop around. Be selective and choose a bank that’s best for your lifestyle, as there are many different banking options with different advantages.

2. Get a head start. Ask your banker how you can get a head start on major life events and major purchases, such as buying a house, by establishing credit or starting a retirement account.

3. Don’t miss out on free money for your future. If your employer matches your 401 or other retirement contributions, contribute enough from the start in order to get the full match. It’s free money and its value compounds over time.

4. Save without thinking about it. Set up automatic payroll deductions or automatic transfers from checking to savings or range to have a specific amount transferred to your savings account every pay period to save time and money.

5. Tap into bank tech to make smarter decisions. With your bank’s mobile app, you can track your transactions and manage your finances and some bank apps even highlight money-saving deals at nearby retailers.

6. Sign up for email or text alerts. Subscribe for an automatic alert when your balances falls below a certain amount or to confirm when certain types of transactions occur, such as online purchases.

7. Expect the unexpected – set up a rainy day fund. Set up a secondary checking or savings account for emergencies to add an extra layer of protection.

The American Bankers Association is comprises the US’ $17 trillion banking industry, composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.