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TORONTO – No matter what age bracket they fall into, consumers are seeking out problem solving and benevolence in their financial institutions.

The Filene Research Institute recently completed a study of how people of different generations select a financial institution, which led researchers to these common themes along the way. The three reasons people join financial institutions are 1) competitive loan rates; 2) trust; and 3) reputation, according to Filene Director of Research George A. Hofheimer. In addition, Gen Y-ers also said they would choose based upon a recommendation from family or a friend. He explained that this made sense because this group is “at the beginning of their borrowing years.”

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