1.
16%
of MILLENIALS of general U.S.
population
31%
THEY PREFER
ALTERNATIVE FINANCIAL
PRODUCTS
THEY TRUST
TECH COMPANIES
TO HANDLE THEIR MONEY
Millennials pose a growing challenge to financial institutions.
Banks, insurers and investment services must improve
their range of offerings to meet the demands of their
millennial customers—or risk irrelevance.
READ
CASHING OUT:
HOW FINANCIAL INSTITUTIONS
CAN SURVIVE DISRUPTION
to learn more about the challenges posed by
Millennials and customer-driven change.
www.visioncritical.com/cashing-out-whitepaper
Results among Americans aged 18+ with total sample size = 1,015, and fielding May, 2015.
The margin of error is +/-3.08%. Other statistics cited from U.S. Census projections (2013),
“Who are the Millenials?,” Accenture (2013), “The Greater Wealth Transfer: Capitalizing on
the Intergenerational Shift in Wealth,” Accenture (2012).
More millennials have used
online money management
tools like Mint.com, Quicken
and Powerwallet
More millennials have
tried remote check
deposit
43%
of Millennials
More millennials would switch their checking account from
their bank to a company like Google or PayPal if these
companies decided to offer checking accounts in the future
27%
More millennials use alternative products like prepaid cards,
check cashing services, payday advance loans, money
transfer agents (e.g., Western Union), pawn brokers and
installments lenders.
WHY
MILLENNIALS
DON’T LIKE BANKS
There are 80 million in the U.S.
They’re now adults, with jobs, kids and homes.
And they dominate the economy,
spending $600 billion annually.
$
THEY’RE
DIGITAL PIONEERS
of MILLENIALS of general U.S.
population
THEY
DON’T USE
BANKS
They’re twice as likely as the general population
to hold no bank accounts or credit cards.
41%
More millennials have
used person-to-person
mobile payments
43%
of Millennials
More millennials have tried
using digital currency to
make a purchase
43%
of Millennials
44%
of millennials
26%
of general U.S. pop
43%
of millennials
26%
of general U.S. pop
43%
of millennials
26%
of general U.S. pop
37%
of millennials
22%
of general U.S. pop