Sixty percent of Hispanic millennials are able to handle finances, but find it difficult to find financial happiness, according to a new Financial Education Millennial Survey conducted by TD Bank.

Approximately 22 percent of millennials and 17 percent of Hispanic millennials feel they are under extreme financial stress. Additionally, the survey revealed that a top financial stressor for 51 percent of Hispanic millennials was paying their bills; major life events also rattled them financially.

Two-thirds of millennials said they wished they were better prepared before experiencing a financially-traumatic major life event. Beyond addressing stressors, the survey shined a light on Hispanic millennials' preparedness for major life events, such as buying a home, revealing that Hispanic millennials don't feel financially prepared before going to college (34 percent compared to 31 percent non-Hispanic), having a child (26 percent compared to 27 percent non-Hispanics), changing jobs or starting a new job (23 percent compared to 21 percent non-Hispanics) and moving to a new city or state (22 percent compared to 26 percent of non-Hispanics).

The lack of readiness is often a clear indicator that an individual will experience reactionary stress. A lack of funds or a poor financial situation, as well as the cost of living, can be detrimental to an individual's financial happiness.

"Many factors can contribute to millennials' financial stress," said Nandita Bakhshi, Head of Consumer Bank, TD Bank. "Major life events such as getting married or starting a new job require solid understanding of personal finance, and if millennials are telling us they aren't prepared for this, we need to help find solutions."

When experiencing finance-related stress, one-third of family and friends look to their family and friends for advice to help them through their major life event. Hispanic millennials will turn to family and friends when it comes to going to college, having a child, changing jobs, relocating, buying a car, renting an apartment, getting married and buying a home. Only one in eight respondents indicated that they've obtained financial advice from a bank. And Hispanics are far less likely to turn to banks for advice when buying a home (17 percent compared to 38 percent non-Hispanics).

"When it comes to taking a formal financial education class, about one quarter of all millennials feel they didn't need financial education and don't have the time," said Nandita. "Millennials need to be proactive in finding education that fits their needs so they can be more prepared for the events they will experience throughout their lives."

Hispanic millennials indicated that they've never participated in formal education or seminars to learn financial information because they've never thought to do so (41 percent), they don't have time to (28 percent), everything that they may need is online (19 percent), they can rely on family/friends for help (18 percent), they don't feel like it (16 percent), they can learn as the situation arises (16 percent), they feel that they already know enough (11 percent), and their bank answers whatever questions they may have (9 percent).

Learn more about improving your financial IQ, managing money as a couple and achieving financial independence with TD Bank. Also, check out the WOW!zone for comprehensive banking information for children and teens.

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