When it comes to online bank account, about two thirds of individuals born between the second half of the nineties and the first two thousand years, the so-called Generation Y, hold an account in their own name or joint with their parents.
Generation Y members have a high level of education, are optimistic and able to quickly adopt emerging technologies, are very involved in political and environmental issues. In a few years they will be the largest demographic, and they are already drastically changing several markets.
Yes they are young, but also experienced consumers with a strong entrepreneurial spirit. They are the first digital native generation, they have never lived in a world without internet connection and consider it essential to be able to manage their finances via an online bank account.
In choosing with which institution to open an online bank account many of them rely on the advice of parents and friends, especially if the account to be opened is the first. The possibility to check the account online for free and the ability to make online payments play an important role in determining the choice.
It is important to keep in mind that this generation grew up living the repercussions of the 2008 financial crisis, so it should not come as a surprise that they are much more keen to save money rather that making debts, diverging from the financial habits of every generation that came before them.
95% of teenagers has a smartphone and 45% of the use it constantly to browse through internet. It is imperative to them to have access to online banking services via a mobile banking app.
The large majority of people in this demographic access their personal online bank account, via smartphone or desktop, more than once a week to monitor their expenses and nearly 20% of them decide to set up a notification in order to track their bank balance.
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