Banking characteristics of millennials

Jennifer Brodmann, Blake Rayfield, M. Kabir Hassan, Anh Thu Mai

Research output: Contribution to journalArticlepeer-review

8 Scopus citations

Abstract

This paper looks at the characteristics of the Millennial generation, compares them to other generations, and explores how the characteristics of Millennials influence their banking behavior, specifically their choice to utilize financial products and services commonly associated with financial institutions. The results indicate that Millennials differ from Generation X and Baby Boomers in several aspects, including utilization of mobile banking, accumulation of student loan debt, and perception of financial knowledge. Through differences in means tests and probit regression, the results from this study reflect how these factors influence Millennials’ interest in and utilization of financial products and services typically offered by banks.

Original languageEnglish (US)
Pages (from-to)43-73
Number of pages31
JournalJournal of Economic Cooperation and Development
Volume39
Issue number4
StatePublished - 2018
Externally publishedYes

Keywords

  • Financial Institutions
  • Financial Services
  • Millennials

ASJC Scopus subject areas

  • Business and International Management
  • Economics and Econometrics
  • Political Science and International Relations

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