say that mobile has made tracking and spending their ... They are working to build their finances. 86% ... only. 26%. Ne
Millennials and Banking The fastest growing customer base is changing the way banks do business.
1980
2000
Born between 1980 and 2000 The largest generation in American history
US Population
Taking over the work force: By 2022, millennials will make up over 40% of the work force
83.5
319 million
44%
.5% 12 Boomers
million
1.5%
11%
Silent
Millennials
Millennials
31%
Gen Z
Gen X
Compared with older generations, Millennials have had a rough start and are earning less...
75 %
57 %
of college graduates have student loan debt
say they would finance an emergency with their credit card
$29K
average balance debt
... leading them to delay major life events. % 70 want to
get married before the age of 32
only
26%
% 93 of millennial
get married
renters plan to buy a home
BUT...
% 74 want to
have children
They are working to build their finances. top financial priorities are:
put money into savings each month
86%
43%
paying down debt
38%
saving for the future
AND... they are set to inherit
$30 trillion
over the next 30-40 years
= 35%
of today’s household net worth
But they don’t think banks have what they need.
>
53%
71%
68%
don’t think that their bank offers anything unique
would rather go to the dentist than listen to what banks are saying
23%
say that the way we access our money will be totally different in 5 years
Nearly a quarter cite lack of a mobile app as the main barrier to bank engagement
Millennials want digital solutions to manage their money and help them build their finances.
3x
Digital Natives
77%
say their mobile phone is always with them
Three times more likely to open a new account with their phone vs. in person
61%
say that mobile has made tracking and spending their money better
67%
Vs.
of millennials
50%
of other customers
want digital budgeting tools from their bank
Banks that offer digital services are better positioned to engage Millennial customers.
Mobile Payments
Budgeting tools
Mobile banking
Wealth Management
If you reach Millennials now, they will likely stay as loyal customers as they become ready for traditional bank products and services. ABA offers endorsed solutions to help your bank reach millennials, including budgeting tools, mobile banking, card-linked offers and a social media platform.