By Jim Donovan

By Jim Donovan

PHILADELPHIA (CBS) — It looks like more millennials are saying cash is king and leaving credit cards out of the mix.  With many saying they don’t have a single credit card.  And while that may sound good since they’re not building up debt, 3 On Your Side consumer reporter Jim Donovan tells us there’s also a downside.

It seems that some of the financial habits of millennials could hurt their bottom line, down the line.

A survey finds more than six out of ten millennials don’t have a credit card.

“This is a generation that grew up in an economy that wasn’t doing so hot, they were looking for a job in not the best job market, and they have tons of student loan debt and they’re just really reluctant to take on any further debts that could contribute to their financial woes later on,” said Jeanine Skowronski with

Even though avoiding debt now is a responsible financial move, avoiding credit could hurt later.

“On an individual level, millennials could be making it a lot harder on themselves to get financing later on.  To get credit, you need to build credit, a credit card is a good way to do that, it’s a fast way to do that,” said Skowronski.

A solid credit history can help when it’s time to apply for a car loan, a mortgage, even insurance policies.

Meanwhile on the retirement front.  A Fidelity survey finds almost one-in-four millennials left money on the table by leaving a job before they were vested.  Thirty-seven percent of millennials forfeited employer contributions to their 401k on their way out the door, mostly because those younger workers tend to job hop.