Millennials, Not Boomers, Feel Most In Control Of Their Finances
Americans nearing retirement worry about more than just how they’re going to spend those savings. According to the 2015 Consumer Banking Insights Study, 67% of Americans age 55 and over feel the least in control of their finances. This might seem surprising, as retirement is perceived as a time to relax after decades in the rat race.
On the flip side, 79% of Millennials, more than any other age group, reported they feel the most in control of their finances – data that contradicts the stereotype of unemployed twenty-somethings living off their parents while paying down student loans.
Evidently, where Americans bank factors in to their feelings about banking, no matter what age they are. 79% of community bank and credit union account holders reported they felt as if their financial institution had their best interest at heart— as opposed to 60% of megabank customers.
Check out the full infographic with stats on consumer’s banking habits and preferences here. When you’re done scrolling through the graphic, you’ll have the opportunity to download the Executive Summary with even more insights.
About the Survey: Online survey of 1,002 U.S. adults (ages 18+) commissioned by BancVue and conducted by Harris Poll, January 5-9, 2015. "Consumers" are defined as U.S. adults ages 18 and up who have a checking account at a financial institution. "Community banks and credit union customers" are those who consider a local community bank or a local credit union to be their primary banking institution. "Megabank customers" are checking account holders who consider one of the big national banks to be their primary banking institution.