To help financial institutions break down the barrier to Gen Y, two companies have conducted studies and research on the wants and needs of this heavily sought after generation.
Fiserv, a financial services technology solution provider, conducted a survey and one-on-one consumer interviews with Gen Yers to understand what the generation is looking for from financial institutions.
One of the findings from the survey was that consumers in the Gen Y age range have a high propensity to use debit cards. The survey showed that Gen Y consumers conduct on average 14.1 transactions with their debit cards each month. The average household conducts 10.6 debit card transactions per month. However, the average household conducts 6.6 credit card transactions a month, and Gen Y consumers conduct 5.3 credit card transactions per month.
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