November 6, 2017
More than half of millennials identify as being financially unhealthy. But when they turn to their primary banking provider for help, it often does not go well.
Young millennials (ages 18-25) especially have difficulty finding time to visit a bank branch and, when they do make it in the door, they can’t find someone knowledgeable to answer their questions. In a unique Catch-22, they also say it’s hard to get information without visiting or calling a branch.
Globally, less than one-third of banked consumers have a financial advisor and this skews heavily toward older generations. This highlights the opportunity for banking providers to leverage technology—specifically, roboadvisors and financial management apps—to help improve the financial health of younger consumers. This also helps to groom a pipeline of future customers for auto loans, home loans and investment accounts as their credit worthiness improves.
For more information, access the 2017 Global PACE Report at www.fisglobal.com/closethegaps.