Financial institutions who think they may be able to market to younger accountholders through their online or paper statements might have to reconsider that strategy. Younger consumers tend to monitor their checking account balances on a transaction basis, which makes monthly balancing activities obsolete. Daily spending could be a different way to spin statements into financial information services and better serve this demographic. From a Credit Union Times article:
But while they may have checking accounts, more younger people leave those accounts unbalanced than balance them on regular basis.
Thirty-four percent of those surveyed took the view that “it doesn’t matter as long as you don’t overdraw or exceed your charge limit.” Thirty-percent replied that they reconcile once a month and 3% said they balance once a year, the CU said.
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