Sample of personal financing budgeting
Chime, for instance, has reached 12M customers in 2021 - a 50% increase year-over-year (YoY).
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Meanwhile, digital-first banks are hitting user growth milestones. Incumbent financial institutions are feeling the effects of millennials’ disruptive attitudes, with the share of primary bank customers dropping by nearly 7 percentage points in 2020 at banks such as Wells Fargo and Bank of America. Eight years later, millennials are even more comfortable with the idea of alternative financial systems, and this has opened the door to a variety of innovations, from alternative investment vehicles like cryptocurrency to point-of-sale lending alternatives. From “the way it is” to “the way it could be.” In 2013, 70% of millennials believed that the way that people purchase things would be totally different in 5 years, and 33% believed that one day they wouldn’t need a bank at all.This openness to banking alternatives presents opportunities for fintech startups looking to innovate in financial services from the outside.
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In addition, 77% say they are likely to move their bank account to a digital-only bank, according to Galileo Financial Technologies. One fourth of millennials now have their primary checking accounts in digital-only banks, according to a 2021 study by Cornerstone Advisors. Finance companies are aligning their services to reflect these preferences. According to a 2021 Capco report, 78% are using mobile banking - the highest among any generational group - while 75% also rely on online banking services. Millennials are partial to digital banking. However, millennials are proving to be a fiscally conscientious generation, saving more and earlier than previous generations did at their age.Īs millennials head deeper into adulthood and make more money, the personal finance space is adapting to their unique money management attitudes in a few key ways: Having come of age during the Great Recession and its climate of wage stagnation, and being burdened by unprecedented levels of student debt, millennials have been called “the brokest generation.”
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Meanwhile, saving for “life milestones and future goals” (73%) has grown 10 percentage points compared to 2018.īut millennials face significant headwinds in making those financial dreams a reality. A 2020 survey by Bank of America found that millennials’ top financial priorities include saving for retirement (75%) and building an emergency fund (51%).