Millennials and Financial Services: Reclaiming the "Unbanked"

Published: July 1, 2016 - 5 Pages

Table of Contents


Abstract

The theory that Millennials are abandoning banks is overblown, hinging on how banking
relationships are defined.

Younger adults of the Millennial generation, those currently age 18-34, do continue to trend
away from traditional checking and savings accounts. As of 2015, 55% of 18- to 34-year-olds
were “unbanked” in this sense, up from 49% in 2008.

In contrast, the share of Millennials who are institutionally unbanked is falling—that is, the
share of younger adults who not only go without a traditional checking or savings account, but
without any type of account at any bank, credit union, or savings & loan institution in the
previous 12 months. 
As of 2015, 17% of 18- to 34-year-olds were “unbanked” by this broader
definition, down from 41% in 2008, during the height of the recession.

Get full details about this report
(US): 800.298.5294
(Int): +1.240.747.3095
Fax: 240.747.3004