Five ways millennials are banking differently

Millennials came of age during the 2008 recession - so their approach to banking is very different from that of their elders

Five ways millennials are banking differently

It’s no wonder that millennials differ from their older counterparts when it comes to banking. Having grown up in the shadow of the 2008 recession, life has always been more uncertain for this generation.

Gone are the days of easy credit – 86 per cent of millennials believe that the idea of being in debt is stressful, according to a survey of 4000 millennials aged 18-34 carried out by YouGov.

In addition, 70 per cent say they manage their finances well, turning the stereotype of millennials as lazy and entitled on its head.

It turns out that millennials are surprisingly practical when it comes to money. Here are five big ways young people are approaching their finances differently:

If you’d like to learn more about millennials, view the YouGov webinar: "Are Banks Meeting the Needs of Millennials?" with Jake Palenicek, YouGov’s Director of Financial Services – or explore the "Generation Millennials" report. You can also find more information on YouGov’s dedicated financial services experts here.

Find out more about how YouGov’s Profiles tool can help you find out more about the demographics which matter most to your business


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