American millennials are not using banks

[Anonymous]

I also read that a significant number of millennials don't have a bank account..



I seldom visit a bank anymore, but I would not know how to survive without my bank accounts..



Where is their pay deposited to?



Millennials want to hold their bank at arm's length:



71% would rather go to the dentist than listen to what banks say.



33% believe they won't need a bank in five years.



71% consider their banking relationship to be transactional rather than relationship-driven.



33% are open to switching banks within the next 90 days.



Millennials are increasingly using online payment methods in place of cash and checks:



47% of consumers have already transferred money to someone electronically.





43% list online banking as the first or second most valuable aspect of their day-to-day banking experience; 23% list mobile banking.



Mobile payments are expected to reach close to $90 billion by 2017

[Anonymous]

Community banks and credit unions are the beneficiaries of this shift.

[Anonymous]

They sponge off their parents, they're narcissists, they want to rise quickly but don't want to stick around, want more perks but less face time and entitled brats that think English lit degree should equal a great job. I know, I am the father of a millennial. I am glad I have been putting money aside for my old age. I feel sorry for anyone in my generation that is counting my son's generation paying for their retirement.

[RW]

Why would any parent expect their kids to support them in retirement?



Credit unions are the way to go IMHO.  I personally have never had an account at a bank.



That said, I still have my account in Vancouver even though I don't live there and haven't been in a branch in probably 9 years or so.  Everything I need to do can be done by online banking, phone or mail.

[Anonymous]

Why would any parent expect their kids to support them in retirement?



Credit unions are the way to go IMHO.  I personally have never had an account at a bank.



That said, I still have my account in Vancouver even though I don't live there and haven't been in a branch in probably 9 years or so.  Everything I need to do can be done by online banking, phone or mail.

It's the other way around now. Retiring parents will still have grown kids that cannot stand on their own two feet.



I use banks because I have access to a very low interest line of credit, and I get charged next to nothing for fees because I have a certain amount invested through them. It doesn't matter anyway because I do most of my banking from home. Cash is for the bar.

[RW]

Boomer kids were spoiled now their kids are completely useless.  It will sort out.

[Anonymous]

Boomer kids were spoiled now their kids are completely useless.  It will sort out.

I was born after the boomers, but I agree that the under thirties are scared of growing up.

[RW]

Your parents weren't boomers?

[Anonymous]

Why would any parent expect their kids to support them in retirement?



Credit unions are the way to go IMHO.  I personally have never had an account at a bank.



That said, I still have my account in Vancouver even though I don't live there and haven't been in a branch in probably 9 years or so.  Everything I need to do can be done by online banking, phone or mail.

I bank online too, but how does somebody not have an account at a bank or credit union?



Where is their pay deposited?

[RW]

Define "millennial".  What age range are they counting?

[Anonymous]

Your parents weren't boomers?

Boomers is 1946-1964 I think. My folks would have been outside it.

[Anonymous]

Define "millennial".  What age range are they counting?

I feel they are talking about generation Y..



It varies, but ranging from a very low end of 1980's to early 2000's depending on who you ask.



Myself, I think of people born in the early nineties as gen Y.



Some people call them the Peter Pan generation or boomerang generation.

[Anonymous]

The boomerangers like to delay rites of passage into adulthood as long as they can.

[Anonymous]

The boomerangers like to delay rites of passage into adulthood as long as they can.

This is particularly true in the developed countries of Asia Herman.

[Anonymous]

The boomerangers like to delay rites of passage into adulthood as long as they can.

This is particularly true in the developed countries of Asia Herman.

Yeah, I know. Let's face it, in Asia, it's usually women with the Peter Pan syndrome. They'll be 35 years old, live at home and contribute nothing, go clubbing every weekend, work for a while, quit and go live abroad for a year or two. All with financial assistance from their parents. Unlike here though, they will have credit cards and savings.