According to the survey, commissioned by US-based provider of financial services Fiserv and conducted by Accelerant Research, 36 percent of Gen Y representatives, with ages ranging from 21 to 29, opened a debit card, savings or primary checking account. This is ten percent higher than any other generation.
Furthermore, 48 percent of Gen Y members with a credit card have signed up for the card online, and 36 percent of those with personal loans have applied for the loan online. Very significantly, the study has also showed that 80 percent of Gen Y members use internet banking on a regular monthly basis. The survey has also unveiled the propensity manifested by the Gen Y interviewees to use their mobile phones for financial management. Thus, 32 percent plan to check their account balances via the mobile handset whereas 15 percent intend to receive and pay bills via the same device.
As far as the main payment method for daily expenses is concerned, Gen Y consumers manifest a preference towards debit cards. According to the same survey, this reflects fiscal responsibility among young adults and a desire to avoid future debt.
When making final product decisions, 68 percent of the Gen Y members stated that friends and family play a role whereas 11 percent look to online communities for help. Such facts indicate clearly a growing importance for financial institutions to maintain and expand online communications.
Generation Y (Gen Y), also known as the Millennial Generation or Generation Next ,is a generic term used to refer to people born anywhere between the mid 1970s to the early 2000s.
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