Gen Z

59% are financially independent (up from 47% in 2019)
75% plan to achieve a higher standard of living than their parents
58% plan to open a deposit account via desktop or mobile app
61% bank at the same financial services organization as their parents
"Enhance mobile channel" was their top choice when asked how the customer experience can be improved

Millennials

85% are financially independent and 71% are employed full time
Average 114 interactions per month with their financial services organization – nearly four times the number of average monthly interactions for boomers, and 50% more monthly transactions than Gen Z and Gen X
55% are more concerned about fraud than they were a year ago; 15% are less concerned
85% would bank with a non-traditional bank such as Amazon, Apple or PayPal
79% have opened a deposit account online
84% are comfortable receiving financial advice via AI tools
"Quicker money transfers" was their top choice when asked how their banking app could be improved

"Faster payments" was their top choice when asked how their banking app could be improved
36% would share more personal information for better service
45% prefer banks and credit unions with branches, even if they don't use them
53% said their savings have decreased or they have had trouble meeting ends meet since the beginning of the pandemic
"Best rates" was their top reason for choosing a primary financial services organization (all other generations chose "lowest fees")
76% said their financial services organization is doing enough to protect them from fraud and identity theft
71% would bank with a non-traditional bank such as Amazon, Apple or PayPal

27% would bank with a non-traditional bank such as Amazon, Apple or PayPal
63% prefer to open a deposit account at the branch – more than twice all other generations and more than four times the number of millennials
89% trust their financial services provider and 88% agree it meets their needs
24% said their deposits have increased during the pandemic – the most of all generations
31% have opened a deposit account online – the least of all generations
35% are comfortable receiving financial advice via AI tools