The degree that younger consumers rely on their debit cards was underlined in results from a survey conducted by the $726 million Texas Trust Credit Union, headquartered in Mansfield, Texas.
The 58,000-member credit union surveyed 1,100 North Texas consumers ages 13 to 25 about their awareness and use of financial services. Texas Trust conducted the survey from March 30 to April 10 in advance of Youth Financial Week, April 22 – 28.
Half of young consumers surveyed reported they had some form of relationship with a financial institution and 70% reported having a checking account and/or a savings account. In roughly 50% of responses, these accounts are in the name of the young consumer.
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