Credit unions and other financial institutions should brace fora huge amount of turnover among finicky millennial consumers,according to the 2016 “Millennial Money Mindset Report” released bythe Nashville, Tenn.-based financial advisory firm iQuantifiFriday.

Almost one in five millennials (18.6%) have switched primaryfinancial institutions in the past 12 months, and over one quarter(28.8%) of those making more than $75,000 annually have done so,according to the survey of 500 adult Americans aged 21 to 35.

Also, 36% of millennials said they'll probably switch financial institutions in the next 12months; 55% of those making more than $75,000 annually said so aswell.

“The reality for a traditional financial institution is that thenext generation of consumers want more and are willing to gosomewhere else to meet their needs,” the study said. “Thus,institutions that can adapt and meet the needs of millennials havemuch to gain.”

Despite their flight risk, millennials are heavily in the marketfor financial products. According to the study, 70% plan topurchase or open one in the next 12 months. Their most anticipatedmove is to a new credit card, with 37.6% of millennials stating theyplan to get one in the next 12 months. Checking and savings accounts are also on the financialshopping list for about 36% of millennials. Fewer than one in fivesaid they'll be in the market for auto loans or life insurance in the next year(18.2% and 15.4%), and only 14.4% said they'll be shopping for amortgage.

But even though these “digital natives” have a reputation forbeing glued to their screens, about 61% of the millennials in the survey said branch location was an importantfactor when shopping for financial products or an institution.Fewer – but still a majority (59%) – said online banking tools werean important factor. Customer service came in third at 53%,followed by ATM locations (49.1%). Only 6.5% of millennialssurveyed said the institution's mission and community focus was animportant factor.

Advice appeared to be another strong selling point formillennials in the survey. Three quarters said they wished theirfinancial institution offered more guidance and tools to help themmanage their finances. Respondents also said they would rather getfinancial advice from a professional advisor than from family,online tools or friends.

Not all the help has to be face-to-face, either. A whopping 81%of millennials said theywould use their financial institution's personal financialmanagement app or online tool if it were free and provided acomprehensive, personalized financial plan. Of those who made morethan $95,000 per year, 91% said they would use it.

“This presents a tremendous opportunity for banks, credit unionsand other institutions to attract and retain millennials byoffering comprehensive goal-based planning services online,”iQuantifi CEO and Co-Founder Tom White said.