Young adults in the ’Debit Age’ are skewing towards alternative and direct banking

Young adults in the ’Debit Age’ are skewing towards alternative and direct banking

Let’s start with a statistic that, for traditional banks, looks quite troubling; according to survey analysis conducted for Packaged Facts’ January 2014 Debit Cards in the U.S., 5th Edition , the percentage of 18-24 year olds having a “checking account at a bank, savings and loan, credit union, or brokerage firm” has plummeted by almost 30% during 2010-2013.

What’s happening here?

Clearly, traditional banks are losing checking account customers. And it’s not just customers larger banks may h...


Millennial adults increasingly seek alternatives to traditional banking

Millennial adults increasingly seek alternatives to traditional banking

While consumers historically underserved by mainstream financial services industry are often referred to as unbanked or underbanked, young adults are quickly joining their ranks. In Unbanked and Underbanked Consumers in the U.S., 3rd Edition , Packaged Facts found that the percentage of 18-24s who self-identify as unbanked has grown by almost 25% during 2005-2013. This jump has likely been influenced by recession-driven unemployment and wage trends that have disproportionately affected younger e...