Millennials and Banking Infographic

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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.

aba.com/Millennials