PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

What Percent of Young Consumers (18-34) Use a Monthly Budget?

By PaymentsJournal
August 21, 2019
in Banking, Customer Experience, Debit, Emerging Payments, Merchant, Truth In Data
0
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left corner of your screen to receive notifications as soon as the episode publishes.

Data for today’s episode is provided by Mercator Advisory Group’s viewpoint – Consumers and Personal Finance: Primary Financial Institutions Can Help

What percent of young consumers (18-34) use a monthly budget?

  • 88% of young consumers, age 18-34, use a monthly budget
  • In comparison: 78% of 35-64 year olds & 64% of 65+ year olds use a monthly budget
  • Across the board young consumers are more interested in personal financial management than other age groups
  • 20% of consumers don’t want to share their goals or info with their primary bank
  • 8% of consumers don’t trust their primary bank to provide sound advice
  • 11% of consumers “wish” their primary bank could provide financial advice
  • A whopping 36% of consumers cite “other reasons” for not discussing financial goals with their primary bank

About the report

Mercator Advisory Group’s most recent Insight Summary Report, Consumers and Personal Finance: Primary FIs Have an Opportunity to Help, from the bi-annual CustomerMonitor Survey Series, reveals that over 80% of U.S. consumers 18–34 years old would be open to budgeting, saving, and credit monitoring help from their primary financial institution. More specifically, 89% would be interested in talking to their primary FI about setting a household budget to meet their goals, 88% would be interesting in budget monitoring services, 87% would be interested in automatic savings plans to help meet their budgeting needs, and 84% would be open to a conversation about credit monitoring services.

The report is based on a sample of 3,001 U.S. adults surveyed in the annual online Banking and Channels survey of Mercator’s CustomerMonitor Survey Series, conducted in November 2018.

The study highlights consumers’ use and interest in setting household budgets, defining financial goals and services that financial institutions can provide to help their customers reach their goals and build their wealth. It examines the opportunity for financial institutions to offer financial advice and identifies the types of financial advice they currently use, wealth management account relationships, small business owners and the demographics of consumers most interested in budgeting and personal finance in terms of use of personal financial management (PFM) tools, mobile and online banking activities performed, new account opening, and interest in mobile-based personalized services.

“Oftentimes primary financial institutions lose out on the opportunity to help their customers build wealth as those customers look to other financial services to address their personal finance needs. Focusing on the younger customer as they start to build wealth is a great opportunity to attract them before they begin to look elsewhere,” stated the author of the report, Peter Reville, director of Primary Data Services at Mercator Advisory Group, which includes the CustomerMonitor Survey Series.

Companies mentioned in this report include: AceMoney, BankTree, iCash, Intuit Quicken, Microsoft Money, Mint, Moneydance, MoneyLine, Personal Capital, and YouNeedaBudget.

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Banking

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    embedded lending

    Embedded Lending as a Growth Strategy for ISVs—How to Maximize Revenue Potential

    June 18, 2025
    merchant ai

    Merchants Find More Use Cases for AI Amid Risks

    June 17, 2025
    prepaid payroll

    Taking the Check Out of Paycheck: The Role of Prepaid in Payroll

    June 16, 2025
    Banking-as-a-service BaaS

    Remodeling Main Street: How Community Banks Can Leverage the Banking-as-a-Service Paradigm

    June 12, 2025
    How Employee Performance Enhances the Customer Experience

    Three Strategies to Maximize Loyalty in the AI-Driven World 

    June 11, 2025
    PFM tools

    How FIs Are Cutting Through Subscription Clutter with PFM Tools

    June 10, 2025
    child identity theft

    Stranger Danger: Protecting Your Children from Identity Theft

    June 9, 2025
    agentic commerce

    The Agentic Advent: How the Next Iteration of AI is Shaping Commerce

    June 6, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result