Millennials and Financial Services: Reclaiming the "Unbanked"

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $75	5 Pages	Packaged Facts	July, 2016	LA15871632

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.