On 10th March 2014, America's Most Convenient Bank – TD Bank - announced the results of the TD Bank financial Education Survey focusing on millennial banking habits. This revealed that these young adults take few risks when it comes to managing their money.
"The results of our study prove that financial education is not only a key component of financial success, but also that millennials want more support with their personal finances," stated the Executive Vice President, Retail Distribution and Product, TD Bank, Nandita Bakhshi, in a press release. "Millennials need to feel empowered to reach out to their bank and have their questions answered so they become more confident about their financial futures," he added.
The nationwide survey polled over 2,000 millennials (ages 18-34) about their banking behaviors and preferences, as well as their go-to sources for financial information and advice.
- According to the survey, 47% of millennials describe their financial personality as being cautious when it comes to overall personal finance habits.
- The survey states that millennials are relying mostly on financial institutions and their families for advice.
- 49% of responding millennials see their parents as primary influencers in shaping their banking and financial views.
- 40% still say they turn to parents and family as a source of information.
- 54% of responding millennials are going in to their bank branch for information; 62% are going online.
While 59% of millennials reported that they are "extremely" or "very" knowledgeable about their day-to-day banking products like checking accounts, they still want advice on personal finance topics, including:
- savings (32%)
- creating a budget (30%)
- credit cards(26%)
In addition, very few of the respondents report to having had formal financial education training, such as a class at school, a seminar at a local bank or online courses, while 69% of respondents had received no financial education lessons at all.
"While millennials are banking more online and on their mobile device, 52 percent are still visiting a branch as frequently as they did last year," added Bakhshi. "The branch visits plus the increased mobile banking activity shows that they appreciate a bank that can offer them the tools they need to succeed, whether this is in a branch, online or through a mobile app."
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