Kids and Banking

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Kids and Banking

We researched corporate websites, market reports, white papers, and trusted media sites to find you the inquired information on financial concerns for young people, motivations for switching banks, digital habits of kids and young adults, banking options for young adults and first banking experiences. Below you will find a deep dive of our findings.

FINANCIAL CONCERNS FOR YOUNG PEOPLE

For the purpose of this research we included both reports on Generation Z, young people under the age of 21 and Millennials, young people aged 22 to 37, so that we could cover the full scope of your 15-25 age requirement. As stated by Pew Research, these are the ages they would be as of 2018.

The Millennial age group reported that their three biggest concerns were too much debt, rent and living expenses, and maintaining a budget. According to Forbes, 27% of Millennials reported that credit card debt was their biggest worry and 25% reported that student loan debt was their largest concern. High costs of living and managing a budget were the next biggest worries.

A notable trend between Millennials and Generation Z is that Millennials tend to worry about current expenses, whereas Generation Z is more concerned with the future. Generation Z named saving for college as their biggest financial concern, followed by saving for future obligations and saving for retirement. Generation Z are "less reckless spenders" than Millennials. According to research by the Levo Institute and the Adecco Millennial, paying for college and paying for their own housing arrangements were two of Generation Z's top consternations.

MOTIVATIONS FOR SWITCHING BANKS

According to the NGDATA 2017 Consumer Banking Survey, "41.4% of consumers cited bad customer service as the reason they would switch to a new bank, an eight percent increase from 2016. Customer service is nearly tied with cost and fees (41.7%) as the key factor leading to churn. "

The survey also reported that, "nearly 40% of 18-34 year olds say they believe banks should leverage emerging automation technology like robots to improve their experience."

According to the most recent survey by First Data, 37% of consumers reported better rates as an important factor for switching banks, followed by 35% who reported lower fees, 28% reported more convenient branches, 24% reported more convenient ATMS, 24% also reported rewards or recognition for being a loyal customer, 23% reported moving to a new location, and 23% reported customer service.

According to Bankrate, satisfying customer service keeps 34% of consumers from switching banks and according to a survey by Kasasa, "83% of Millennials would switch banks if one offered more or better rewards."

DIGITAL HABITS OF KIDS AND YOUNG ADULTS

According to Statista, 88% of US teenagers between the ages of 13-17 have access to a laptop or desktop. In 2016, online users aged 13-18 averaged 465 minutes online per a month, which was significantly lower than other age brackets. Online users aged 18-24 spent averaged 2,094 minutes online a month. According to Growing Wireless, 88% of US teenagers have access to a cell phone and 58% have access to a tablet, with 91% reporting they access the internet via a tablet.

According to the Statista 2018 Spring survey, “Snapchat was the most important social network for 48% percent of US teens.” This was followed by Instagram at 26%, Twitter at 9%, Facebook at 8% and Pinterest at 1%. There was no data published for the 18-24 age group. According to Pew Internet, "78% of 18- to 24-year-olds use Snapchat, and a sizable majority of these users (71%) visit the platform multiple times per day. Similarly, 71% of Americans in this age group now use Instagram and close to half (45%) are Twitter users. In addition to adopting Snapchat and Instagram at high rates, the youngest adults also stand out in the frequency with which they use these two platforms. Some 82% of Snapchat users ages 18 to 24 say they use the platform daily, with 71% indicating that they use it multiple times per day. Similarly, 81% of Instagram users in this age group visit the platform on daily basis, with 55% reporting that they do so several times per day."

BANKING OPTIONS FOR YOUNG ADULTS

There are numerous banking options for young adults and teenagers in the United States. According to GoBankingRates, the top banks for young adults are Capital One 360, Wells Fargo, TD Bank, Bank of America, Bay Federal Credit Union, Discover Bank, Santander Bank, US Bank and Navy Federal Credit Union. We have organized and summarized the information in the attached spreadsheet.

FIRST BANKING EXPERIENCE

In most situations, parents must also be on financial accounts for minors under the age of 18. This is because contracts with minors are rather complex. Therefore, it is easier for banks to have a guardian on the account. There is typically no age requirement if there is a guardian attached to the account. Unfortunately there was no information published on the average age in which a first bank account is opened. We believe this is because parents typically open a child's first bank account and are listed as a guarantor. Banks typically do not keep track of demographics regarding minors listed on accounts.

According to the 8th Annual Parents, Kids & Money Survey, " a total of 79% of kids have either a savings account or a piggy bank." Of those surveyed, 57% of children under the age of 18 had a savings account, 50% had a piggy bank, 31% an online gaming account, 24% a checking account, 18% a credit card and 14% an investment card. Only 8% of children had none of the options listed above.

CONCLUSION

In conclusion we have provided you with information on financial concerns for young people, motivations for switching banks, digital habits of kids and young adults, banking options for young adults and first banking experiences. We hope that you find this useful.
Sources
Sources

Quotes
  • "FICO’s latest consumer research on why people switch banks found that Millennials (25-34 years-old), a group at the peak of financial services usage, are 2 to 3 times more likely to close all accounts with their primary financial institution than people in other age groups."
  • "When it came to reasons for switching, 45 percent of Millennials aged 25-34 cited high fees as a key reason for leaving their bank. For younger Millennials aged 18-24, the number was also high at 36 percent."
  • "A negative experience when they missed a payment was the second biggest reason for 25-34 year-olds to switch banks. Inconvenient branch locations and too few ATMs were tied for third. In addition to these reasons, younger Millennials said they switched banks because they had a negative fraud-related experience"
Quotes
  • "Satisfying customer service is the most popular reason why people stay with the same bank, at 34 percent. Only 12 percent say they choose or stick with a bank because it has low or no monthly fees, despite the toll those charges can take."
Quotes
  • "page 8:The top two reasons are fiscally-related: 37 percent switch based on better rates elsewhere and 35 percent switch for lower fees. Next to rates and fees, convenience of branches and ATMs are top reasons for consumers to switch banks. Rewards/recognition and customer service are top reasons for switching for nearly one-quarter of consumers."
  • "Top reasons for switching: Offers better rates-37% Charges lower fees-35% Has more convenient branches-28% Has more convenient ATMs-24% Offers rewards/ recognition for being a loyal customer-24% Moved to new location-23% Offers superior customer service-23%"
Quotes
  • "Based on research conducted through the agency’s Bank Clarity arm, the three top reasons why consumers switch banks include: 1.They moved (41%) 2.Their marital status changed (14%) 3.There was a change in their job status (6%) These three reasons can be classified as life circumstances."
  • "Only 20% of survey respondents said they switched banks because they were dissatisfied. 6.8% of respondents blamed inconvenient locations as the reason behind their switch. One in 20 said they switched because they were unhappy about their prior bank getting acquired or merged away. A paltry 3.5% said they were attracted to their new bank’s products."
  • "Of those surveyed, 57.5% said if they had to change banks today, they have a bank in mind they would most likely switch to. The other 42.5% have no preference, and would have to shop around. Of those who know where they would switch, regional banks were by far the most popular choice"
Quotes
  • " Based on the survey results, mobile and online tools were responsible for 31 percent of overall retail banking satisfaction. In second was customer support at 29 percent. In close third, however, was ATM and branch availability with 27 percent of the vote. "
  • "Based on the Credio survey, the biggest reason is customer service. A few other key factors include the variety of accounts and website satisfaction. These tie back into ease of use and convenience. Consumers want to use one bank for a wide range of needs, and they want to do it on their schedule. Technology, like online and mobile banking, can help with that."
  • "Another, perhaps surprising, reason for customers switching banks is branch locations. People want to be able to bank on their terms, and many times that actually means going into a branch. "
Quotes
  • "page 10: Millennials switch from their primary bank at a pace nearly double the average of other age groups. In fact, 18 percent switched their primary bank within the past 12 months—compared to 10 percen of customers 35 to 54 and just 3 percent of people 55 and older."
  • "page 10: Millennials point to high fees and poor loyalty programs as the top reasons why they are dissatisfied with their banks. On the other hand, Millennials say that they are most likely to stay with their current bank if online banking services are good. "
Quotes
  • "A 2016 Kasasa Explores survey found that 83 percent of Millennials would switch banks if one offered more or better rewards. "
  • "Previously, Kasasa’s 2015 Consumer Banking Insights (CBI) Study found that two thirds of Millennials (67%) say rewards are important when choosing a financial institution. "
  • "Last year’s study also found that nearly one in two consumers (45%) would been couraged to switch institutions for higher interest rates earned for savings and checking accounts, and about two in five (41%) would be encouraged to switch for lower fees. "
  • "Despite rewards being cited as a primary switching motivator, as well as higher interes rates and lower fees, the research showed 70 percent of Americans had never switched their primary bank. "
  • "Millennials, however, seem more likely to do so; the Millennial Disruption Index found that one in three Millennials are open to switching banks in the next 90 days"
Quotes
  • "Gen Y: Gen Y, or Millennials, were born between 1980 and 1994. They are currently between 24-38 years old. Gen Y.1 = 24-28 years old (31 million people in U.S.) Gen Y.2 = 28-38 (42 million peeps)"
  • "Gen Z: Gen Z is the newest generation to be named and were born between 1995 and 2015. They are currently between 3-23 years old (nearly 74 million in U.S.)"
  • "Millennials (Gen Y) - Banking Habits Millennials have less brand loyalty than previous generations. They prefer to shop product and features first and have little patience for inefficient or poor service. Because of this, Millennials place their trust in brands with superior product history such as Apple and Google. They seek digital tools to help manage their debt and see their banks as transactional as opposed to relational."
  • "Gen Z - Banking Habits This generation has seen the struggle of Millennials and has adopted a more fiscally conservative approach. They want to avoid debt and appreciate accounts or services that aid in that endeavor. Debit cards top their priority list followed by mobile banking. Over 50% have not entered a bank branch in at least 3 months."
  • "Do Generations Bank Differently? Absolutely, and for several reasons. *Each generation has been in the workforce for different lengths of time and accumulated varying degrees of wealth. *Each generation is preparing and saving for different life stages; be that retirement, children's college tuition, or buying a first car. *Each generation grew up in evolving technological worlds and has unique preferences in regard to managing financial relationships. *Each generation grew up in different financial climates, which has informed their financial attitudes and opinions of institutions."
Quotes
  • "The report, Omnichannel and Branch Banking: Getting It Right, shows that U.S. consumers are using more financial institutions, but are more likely to have switched to financial institutions that provide more incentives to expand their relationship, put more of their deposits in the bank, and engage more digitally and at the branch to improve their financial health."
  • "While U.S. consumers want their financial institution to offer them better rates and rewards, only 38% of U.S. adults say their financial institution offers them a relationship rewards program that allows customers to accrue points, discounts, free services, or cash back based on their account balances, new account openings, the types of accounts held at the bank, or type of transactions mad"
  • "Nearly 3 in 4 participants in their financial institution’s relationship rewards programs are motivated to keep their accounts or expand their relationship with their financial institution."
  • "Better rewards or offers at another institution is one of the top five reasons that consumers mentioned for switching banks. Improving these rewards can help promote deeper engagement and raise satisfaction and trust."
Quotes
  • "In their analysis, researchers identified the top frustrations among at-risk customers Having to deal with staff who are not empowered to resolve issues Failing to keep promises Fees — getting “nickeled and dimed” Mistakes on statements Limited or inconvenient branch locations"
  • "The prominence of these frustrations jumps significantly among at-risk customers. Two in particular — “being hit with overdraft charges” and “being nickeled and dimed with incidental charges” — generate significant noise."
  • "The most common frustrations cited as reasons for switching by customers who changed their primary bank in the last 12 months are high or predatory fees, overdraft charges, branch location, moving to an area where their old bank does not have a presence, and poor customer service."
Quotes
  • "41.4% of consumers cited bad customer service as the reason they would switch to a new bank, an eight percent increase from 2016. Customer service is nearly tied with cost and fees (41.7%) as the key factor leading to churn. "
Quotes
  • " Too Much Debt;For millennials, too much debt is their number one source of financial stress. In particular, they are most stressed about credit card debt (27 percent) and student loan debt (25 percent). Student loan debt can be frustrating for different reasons. Millennials with student debt are mostly stressed out about the length of time it will take to pay it off (39 percent) as well as how high their student loan balances are (31 percent). When you’re in debt, it’s hard to see a way out. Instead of giving in to stress and hopelessness, try these three steps instead. 2. Can’t Afford Rent And Living Expenses Millennials prefer living in big cities, sometimes to pursue worthwhile career opportunities and higher pay. However, this also means many millennials face higher costs of living. 3. Managing A Budget While most millennials (54 percent) learned about budgeting as a child or teen, they still have a lot to learn compared to members of older generations."
Quotes
  • "Among the U.S. cohort, a little more than half had their own bank account. Those teens scored 42 points higher on average; or 22 points higher, after accounting for economically advantaged students' higher likelihood of having an account."
  • "The second wave of a large-scale international study on financial knowledge among 15-year-olds came out Wednesday, and U.S. performance is still lackluster."
Quotes
  • "Generation Z — those born roughly between 1995 and 2009 — grew up with the internet, so the best banks and credit unions for young adults typically feature great online access as well as low fees. It’s never too early to start being financially responsible, so if you have a child who’s in high school — or if you’re in college — consider opening an account at one of these student-friendly institutions."
  • "Capital One 360 is an entirely online bank that charges no fees and has no account minimums for a variety of checking and savings accounts. The Journey Student credit card is designed for those with little or no credit, which makes it one of the best student credit cards. It has no annual fee or foreign transaction fees, and you can get your credit limit raised after you pay on time for five months. The card also offers 1 percent cash back on all purchases, which jumps to 1.25 percent if you pay on time."
  • "Wells Fargo is a traditional bank that offers special services for younger clients. Wells Fargo Cash Back College Card, which offers 3 percent cash rewards for the first six months on gas, drugstore and grocery purchases. Younger customers can also access an online student community, where they can participate in education planning and student loan discussion groups. The Wells Fargo Teen Checking account, for teens from 13 to 17, has a $25 minimum opening requirement and provides fee-free checking if you opt for online statements."
  • "TD Bank was one of the pioneers of the online banking industry. In addition to opening savings and investment accounts with no investment minimums and no fees, younger customers can get the TD Go Reloadable Card, which allows parents to track teen spending online and receive text and email alerts. The card is also eligible for use with digital wallets, and using it is a good way for teens to get comfortable with financial responsibility. Although you’ll still have to pony up a $25 minimum to open an online bank account, fees are waived for students under 24 if they’re enrolled in high school or college. Students also get access to online resources for banking basics, which includes information on college planning and paying back student loans after college. The Core Checking account for students offers debit card access, and the Student Savings account comes with overdraft protection. Both accounts feature mobile banking and online banking."
  • "Chase Bank still requires $25 to open an account but offers specialized accounts for younger clients, who can choose from the Chase High School Checking account — for those 13 to 17 — or the College Checking account for those 17 to 24. Although Chase charges a $6 annual fee for each account, you can get it waived if you have monthly direct deposits or a $5,000 average day-ending balance. For the High School account, you can also avoid the fee if you have a linked parent or guardian account — and for the College Checking account, you’ll pay $0 in fees for the first five years you’re matriculating."
  • "Bay Federal Credit Union offers specific checking and savings accounts for teens from 11 to 17 and for young adults from 18 to 22. Both accounts offer Visa debit cards and online and mobile access. You can open a membership savings account with just $5 and there are no balance requirements or service charges for either a checking or savings account until you turn 23. It’s these features that put Bay Federal Credit Union’s offering in the running for the best savings account for young adults."
  • "Discover Bank offers student loans with zero fees — and gives 1 percent back if a student earns a 3.0 GPA or higher. Credit cards for students include the Discover it card for students, which earns 5 percent cash back in rotating categories, and the Discover it Chrome card for students, which offers 2 percent cash back at gas stations and restaurants. Checking and saving accounts with no fees and high interest rates are also available."
  • "Santander Bank’s entry into the youth account arena is called the Student Value Checking Account. As long as you’re a student and age 16 to 25, you can open the account, enjoy no minimum balance and pay no monthly fee. You can bank on the go with Santander using your smartphone, computer or an ATM. To keep updated on your account status, you can customize account updates via text messages or emails."
  • "U.S. Bank offers a basic, free bank account specifically for students. The U.S. Bank Student Checking bank account offers mobile and online access, a Visa debit card, a free first order of checks, fee-free withdrawals at U.S. Bank ATMs and no monthly maintenance fees. The online Student Banking Center provides financial education for students and parents, along with descriptions of available products."
  • "The Navy Federal Credit Union offers a Campus Checking account with no monthly service fee and no minimum balance requirement for students 14 to 24. The account also offers a 0.05 percent dividend rate and up to $10 in monthly ATM fee rebates. The student account comes with the same benefits as all Navy Federal checking accounts, which include a Navy Federal debit card, online banking, free bill pay, online statements and free mobile and scan deposits."
Quotes
  • "College students only need two things when it comes to a bank account. They don't want to pay any fees. And they want easy access to their money. Fortunately, there are a number of student checking account options that satisfy these requirements."
  • "1. Availability: Not all banks are available nationwide. The bank your parents use in your hometown may not be available across the country where you are going to school. 2. Fees: No monthly maintenance or ATM fees is a must. You'll pay fees if, for example, you bounce a check. But you shouldn't pay any fees just for having an account or accessing your money. 3. Student Accounts: Some banks market checking accounts specifically to students. That doesn't mean, however, that they are your best options. Some of the "student" bank accounts listed below are not specific to the college crowd. 4. Prepaid: Remember the goal--no fees and easy access to your money. These goals don't always require a bank account, at least not a traditional one. A very good prepaid card made our list below. 5. College Banks: The banks with direct relationships with your college may be a great option. Then again, maybe not. Don't assume the bank on campus is your best choice."
  • "Online Banks: The first on our list is a category rather than a specific bank. Online banks generally offer no fee accounts with the best interest rates. Unless you need a branch, banks such as Ally and Capital One 360 are good options. Both of our children who are in college use the Capital One 360 Money account. It has worked out well."
  • "PNC Virtual Student: The PNC Virtual Wallet Student has several features ideal for college students. The monthly fee is waived with proof of active student status for six years. PNC has online tools to help you track spending, and parents can receive account alerts. Keep in mind, however, that PNC is only a reasonable option if it has bank branches near the student's college."
  • "US Bank: Their student account has no monthly fee, a Visa V +0.24% debit card, and mobile banking. US Bank also reimburses you for up to 4 non-US Bank ATM withdrawals a month. For those that actually write checks, the first order of checks is free."
  • "SunTrust: There are no monthly fees for five years and free mobile banking. As with most of the banks on this list, however, it's a reasonable choice only if SunTrust is located near the student's school."
  • "Bank of America: BofA waives the monthly fee for students under the age of 23. Called Bank of America BAC +0.11% Core Checking, it also has free ATM withdrawals at any BofA branch. It comes with the online and mobile banking most banks offer today."
  • "Chase Student Checking: Chase offers accounts designed for both high school and college students. The college account is for those 17 to 24. There are no monthly fees for up to 5 years. Account holders receive a debt card and have mobile banking."
  • "American Express AXP +0.06% Serve: You wouldn't normally expect a prepaid card to make the list of the top student bank accounts. The American Express Serve prepaid card, however, is worth considering. Its cheapest version costs just $1 a month (which is waived with a direct deposit of $500 or more). It offers free ATM withdrawals at over 24,000 locations. Paychecks can be added to the card via direct deposit. It also comes with many of the benefits offered to American Express credit card holders."
Quotes
  • "We firmly believe that savings accounts should be free. This means no fees. No monthly fees. No transaction fees. No fees to withdraw your money. We also hate accounts that require certain things like direct deposit."
  • "Free should actually be free."
  • "A lot of traditional banks nickel and dime their consumers, so while you might earn a high interest rate on your money, you might also find out very quickly that you're losing that same "extra interest" to fees."
  • "Always keep fees at the top of mind when assessing a bank."
  • "We believe that it should be easy to access your money. It's your money! It shouldn't be locked away somewhere that you can't easily get to. If you want something that isn't as easy to access, check out our article on the Best High Yield CDs."
  • "With easy access, consumers should be able to go online and quickly and easily see their money, setup transfers and withdraws, and have no fees to have this access."
  • "Furthermore, we love the online banks because, unlike local banks, they are available nationwide. Some local banks may have trouble helping a student who went away to college.​"
Quotes
  • "For people under the age of 18, opening a bank account is hard. The problem is that you need to sign a contract to open an account, and contracts signed by minors are complicated. In many cases, the minor would be in a better position than the bank (if there was a dispute). As a result, banks aren’t going to open accounts for anybody under 18 unless there’s also an adult on the account."
  • "Most accounts marketed as “bank accounts for kids” come in the form of joint accounts, although they go by different names: Teen Checking Accounts Youth Savings Accounts Looney Toons Accounts Savings Club Student Checking"
Quotes
  • "More and more teens have access to checking accounts, debit cards, and even credit cards than before. "
  • "Wells Fargo Teens from the ages 13 to 17 can open a teen checking account as long as a parent co-signs the account. "
  • "Teens can open either a savings or a checking account at USAA with no minimum balance required. There are overdraft protection options. Parents sign as joint owners on the account."
  • "Young Americans Bank Parents do need to accompany their children who are under the age of 18. "
  • "Union Bank While the Union Bank does not have checking accounts dedicated to kids, they do encourage pre-teens and teens to open savings accounts with their parents. Kidz Savings is for children ages 8 to 12. The savings account requires $1 to open the account. At the age of 13, the account converts to a Teen Savings account for teens from ages 13 to 17."
Quotes
  • "Many banks offer special accounts tailored to younger savers, including children, teens and college students. For example, Capital One offers a Kids Savings Account with an automated savings plan, an annual interest rate of 1.00% APY and no fees or minimums."
  • "Alliant Credit Union has a free teen checking account featuring no minimum balance or service fee, a free Visa debit card, and a 0.65% APY interest rate that allows 13- to 17-year-olds to manage their account through mobile and online banking."
  • "Kids and teens are often familiar with online activity, and opening an online savings account could be more of an incentive younger people to save than visiting a physical bank branch."
Quotes
  • "While the exact paperwork you’ll need to fill out and provide to open up a kids bank account will vary based on the financial institution you decide to open with, you’ll generally need to provide: Your child’s birth certificate or social security card Your social security number Your child’s social security number Your driver’s license"
Quotes
  • "This positive trend appears to be continuing with the next generation. Among parents today with kids between the ages of 16 to 22, 83 percent say they think they’ve done a decent job of teaching their kids about money."
  • "How well have you prepared your children to manage their own money? Parents with children under Age 5 18% Parents with children ages 5-10 28% Parents with children ages 11-15 28% Parents with children age 16+ 37%"
Quotes
  • "Generation Z consumers ages 18 to 21 are more likely than any other demographic group to use mobile banking, reflecting their easy familiarity with apps that help manage money, according to a study by Accenture on the future of payments. More than two-thirds (69%) of this group prefer to bank with a mobile app, making mobile the preferred banking channel for the youngest group of adults."
  • "Even with their high usage of mobile apps, Gen Zers are more likely than other age groups to visit a bank at least weekly to deposit cash into electronic accounts. One-quarter (23%) of Gen Z visits a bank at least weekly, compared with only 16% of baby boomers and 20% of all consumers. Gen Z is also the most likely to use cash when making an in-store purchase, with 28% preferring the payment method, compared to 18% of millennials, the study found."
Quotes
  • "Gen Z is also a highly skeptical generation with little brand loyalty; if they see a well-researched, proven option available to them, they will have no hesitation jumping ship or avoiding traditional providers altogether. Whereas 45% of millennials favor loyalty programs, only 30% of Gen Z consumers do. In fact, 41% of Gen Z say they would consider banking services from digital power players like Google, Amazon, Apple or Facebook because they are brands that they interact with daily and trust."
Quotes
  • "A recent Millennial Money Mindset Report revealed – not surprisingly – that the majority of Millennials prefer the virtual to the physical when it comes to managing their finances."
  • "88 percent of young adults would prefer to never set foot into a physical bank branch."
  • "Not only that but nearly one-third of Millennials check their balance daily, with 51 percent preferring to do this via a mobile app."
Quotes
  • "Millenials Three times more likely to open a new account with their phone vs. in person"
Quotes
  • "This generation demands immediacy, and highly personalized (and relevant) experiences. Almost 70% of the Gen Z generation use mobile banking apps daily, with 68% wanting instant P2P payments. While being mobile-first, this generation also uses other channels more than other generations."
  • "“For college-age consumers whose first jobs tend to be cash-based, branch usage is more a necessity than a choice,” said Michael Abbott, a managing director in Accenture’s Financial Services practice."
  • "Clearly, Gen Z consumers prefer to manage their money on mobile devices, but they still need branches to digitize their earnings."
  • "Younger consumers are demanding an exceptional digital payments experience on all platforms – most importantly on their smartphones – and want to be compensated through targeted rewards, offers and discounts, at a cut-throat rate"
  • "These younger consumers will ultimately force traditional banks and payments players to either think beyond the functional aspect of mobile payment apps and create an engaging customer experience, or risk getting squeezed out of the process."
Quotes
  • "About 88 percent of teenagers in the U.S. – aged between 13 and 17 – have access to a desktop or laptop computer. "
  • "In the second quarter 2016, teenagers spent an average of 465 minutes online via computers on a monthly basis. This figure is significant lower in comparison to other age groups. For example, during the same measured period, online users aged 18 to 24 years spent an average of 2,094 minutes online via PC per month. In terms of online video, on a monthly basis, American teenagers spent an average of about 778 minutes watching online videos. "
  • "Snapchat has taken over as the leading social media and networking sites used by teenagers and young adults in the U.S. About 72 percent of internet users aged between 13 and 24 used Snapchat in 2016. The majority of teenagers and young adults use Snapchat to see snaps/stories of people they know, and 69 percent of respondents stated chatting with people they knew on a daily basis. Instagram is also popular among teenagers in the U.S. about 24 percent of teenagers in the U.S. stated a preference for the image-sharing app – especially among girls. About 64 percent of girls aged 15 to 17 years used the social networking app. Despite the rise of visual driven social networks, many teenagers aged between 15 and 17 years still use Facebook. About 78 percent of boys in that age group stated using Facebook, and 81 percent of girls used the social networking site."
Quotes
  • "A new Pew Internet Project report reveals that 93% of teens ages 12‐17 go online, as do 93% of young adults ages 18‐29."
Quotes
  • " monthly media reach amongst US children teens and millenials by age 12~17 18~24 AM/FM radio - 95% 95% Live+DVR/time-shifted TV 92% 85% app/web on a smart phone - 95% video on a smart phone - 80% DVR/Time-shifted TV 60% 51% Internet on a desktop/laptop 38% 52% Video on a desktop/laptop 21% 34% DVD/Blu-Ray device 35% 36% Game console 51% 40% Multimedia device 30% 28% "
Quotes
  • "younger Americans (especially those ages 18 to 24) stand out for embracing a variety of platforms and using them frequently. Some 78% of 18- to 24-year-olds use Snapchat, and a sizeable majority of these users (71%) visit the platform multiple times per day. Similarly, 71% of Americans in this age group now use Instagram and close to half (45%) are Twitter users."
  • "In addition to adopting Snapchat and Instagram at high rates, the youngest adults also stand out in the frequency with which they use these two platforms. Some 82% of Snapchat users ages 18 to 24 say they use the platform daily, with 71% indicating that they use it multiple times per day. Similarly, 81% of Instagram users in this age group visit the platform on daily basis, with 55% reporting that they do so several times per day."
Quotes
  • "The study found that most parents of children ages 13-18 felt their teens were addicted to mobile devices"
  • "When asked if their devices are a source of distraction, 72 percent of the American teens surveyed said they felt the need to immediately respond to texts, social-networking messages and other notifications"
Quotes
  • " high percentages of teens admitted that they watched TV, used social media and texted while doing homework."
  • " November’s Common Sense Census: Media Use by Teens and Tweens, found that teens in the United States spend an average of nine hours daily on media."
Quotes
  • "In 2014, 89.42% (weighted n, 1126/1298) of young adults reported regular use of at least one social media site. This increased to 97.5% (weighted n, 965/989) of young adults in 2016. Among regular users of social media sites in 2016, the top five sites were Tumblr (85.5%), Vine (84.7%), Snapchat (81.7%), Instagram (80.7%), and LinkedIn (78.9%). Respondents reported regularly using an average of 7.6 social media sites, with 85% using 6 or more sites regularly. Overall, 87% of young adults reported access or use of a smartphone with Internet access, 74% a desktop or laptop computer with Internet access, 41% a tablet with Internet access, 29% a smart TV or video game console with Internet access, 11% a cell phone without Internet access, and 3% none of these"
Quotes
  • " 88 percent of teenagers, ages 13 to 17 have or have access to a cellphone. 91 percent of teenagers, ages 13 to 17, access the internet on cell phones, tablets and other mobile devices at least occasionally. 53 percent of teenagers, ages 13 to 17, say most of their calls last four minutes or less. 33 percent of teenagers, ages 13 to 17, list texting as their favorite form of communicating with their friends. 91 percent of teens go online from a mobile device, at least occasionally."
  • "Tablets: 58% of teens have access to a tablet computer."
  • "Social Media: 89% of teens use social media. 71 percent of teens use more than one social network site. A typical teen Facebook user has 145 friends and an Instagram user has an average of 150 followers. 51 percent of teens, ages 13 to 17, use social media sites daily. 71 percent of teens are Facebook users and 52 percent use Instagram "
Quotes
  • "Anyone born between 1981 and 1996 (ages 22 to 37 in 2018) will be considered a Millennial, and anyone born from 1997 onward will be part of a new generation."
Quotes
  • "This statistic shows the preferred social networks of U.S. teenagers. During the spring 2018 survey, it was found that Snapchat was the most important social network for 45 percent of U.S. teens. Facebook was ranked fourth with eight percent of teenagers in the United States."
Quotes
  • "For people under the age of 18, opening a bank account is hard. The problem is that you need to sign a contract to open an account, and contracts signed by minors are complicated. In many cases, the minor would be in a better position than the bank (if there was a dispute). As a result, banks aren’t going to open accounts for anybody under 18 unless there’s also an adult on the account."
Quotes
  • "Only 6% of parents deposit their kids allowance into a banking account."
Quotes
  • "A total of 79% of kids have either a savings account or a piggy bank ."