Yes, most millennials are unquestionably attached to their phones. But when it comes to financial services, they're more inclined to use other channels than you might expect – and that includes offline services.
Late millennials (ages 25 to 35) exhibit a varied set of financial needs and interests, according to recent findings from the Fiserv quarterly consumer trends survey, Expectations & Experiences: Channels and New Entrants. The survey is conducted by Harris Poll among 3,079 banking consumers in the U.S.
From a financial management standpoint, late millennials have a lot going on. They're likely to have student loans and are on the precipice of major life decisions – buying cars or homes, starting businesses, forming households and beginning to plan for retirement. Those life events change – and challenge – the financial realities of any individual, but they occur more frequently for late millennials.
Late Millennials Rely on Channels As Needed – and That Includes In-Person Support
To meet their complex financial services needs, late millennials may require more of their financial institution than other generations. For example, late millennials who frequented a branch in the previous month averaged 4.6 visits in that month. That is significantly higher than older generations, including seniors (2.6), late boomers (2.5), early boomers (2.3) and Gen Xers (3.1). Why the difference? Perhaps it's because late millennials are at a pivotal moment in their financial lives – a time when branch visits may be more useful. As such, they are more likely to have applied for a loan (17 percent) or received a loan (18 percent) within the past year, compared to boomers and seniors.
Late millennials' needs are varied and they seem willing to leverage whatever channel best suits them at any given time. Sixty-five percent of late millennials used mobile banking within the past year and 92 percent of late millennials say having one mobile device that "does everything" would be convenient. Nevertheless, late millennials' actions (and branch visits) may suggest they don't believe their ever-present smartphones can meet all their financial management needs.
To best serve that important demographic, consider how late millennials' life events will lead to higher levels of engagement in their finances – and greater use of all the channels and tools at their disposal.