Most Millennials don’t have credit cards and aren’t interested in applying for one. Plus 30% merged bank accounts before they were married, compared to twelve percent of Baby Boomers.
A new poll from FL-based Consolidated Credit also found Millennial moms want to have babies, but cringe at the thought of becoming stay at home moms and doing business with pawn shops and prepaid cards is more appealing than relying on the banking industry.
When asked why they turn to alternative financial services such as prepaid cards, Millennials identified the products as convenient (42 percent), have more predictable fees (31 percent), and say the products generally better meet their needs (30 percent), according to a Harris Interactive survey.
Although this generation is plagued with high levels of student loan debt, a job market that’s not exactly throwing money at them, and the worry of ever being able to buy a home, Consolidated Credit found that Millennials “want to do more than make money.” This generation hopes to “make a positive social impact.”
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