Members of Generation Y are more likely to have both debit cards and savings accounts than any other age group, according to a report released Monday by Fiserv Inc.
The Brookfield, Wis., banking technology company said that Gen Y, people 21 to 29 years old, rely heavily on banks' Web sites for both researching products and handling their money. They are often driven to expand or upgrade their bank relationships because their financial conditions are changing, it said.
Accelerant Research, which contacted 3,271 online households in July, did the sampling, which Fiserv supplemented with in-person interviews last year.
The company found that one-third of Gen Y had used mobile phones for financial activities in the previous month, compared with 11% of baby boomers, those 45 to 64 years old. Also, 43% of Gen Y members said they expect to bank via their phones this year.
Eighty percent of Gen Y had banked online in the prior month, more than any other age group, and 48% of Gen Y members with credit cards had applied for one online.
"It is clear that Gen Y is actively seeking new accounts as their financial needs evolve," Geoff Knapp, Fiserv's vice president for online banking and consumer insights, said in a press release.