Hispanic Millennials More Comfortable Than Peers With Financial Technology, Mobile Banking
Hispanic millennials continue to be more tech-savvy than many of their peers, leading the pack in their understanding and use of modern technology for everyday tasks. For example, they bank by phone. According to the TD Bank Financial Education Survey, 90 percent of millennials said they use online tools and/or phones to conduct their daily banking activities. Fifty-four percent of Hispanics use mobile banking applications and sites, compared to 47 percent of the general population. Young Hispanics often engage in banking activities such as balance inquiries, bill payments, quick payments and much more.
According to the survey, 39 percent of Hispanic millennials described their financial character or personality as "knowledgeable," and 35 percent said they were well-informed regarding daily banking practices. Additionally, the survey showed that Hispanic millennials are 11 percent more likely than others to use mobile or phone technology to check on their accounts.
TD Bank surveyed over 2,000 millennials nationwide, questioning them on preferences, behaviors and sources of financial advice. Regarding the personal banking habits of Hispanic millennials, the survey showed nearly half (49 percent) describe themselves as financially cautious. The survey showed where this demographic believes it sinks or soars in terms of banking and financial competency.
"The study demonstrates that Hispanic millennials want more understanding and support with their personal finances," said Nandita Bakhshi, executive vice president of distribution and retail products for TD Bank. "More than 20 percent of Hispanic millennials have gone to a bank branch more often than last year for advice. They are looking for a trusted financial partner to help them become confident consumers."
The survey found that 48 percent of Hispanic millennials are using in-branch banking and more than 80 percent are banking online.
"Hispanics should find a bank that offers quality mobile and online banking tools, but also provides the traditional human interaction that Hispanic millennials find most helpful in understanding their personal finances," Bakhshi said.
Hispanic millennials (55 percent) more than the general population of millennials (49 percent) stated that their parents are the main influences that shape their banking and financial perspectives. Those who don't learn financial habits from their parents sometimes gain knowledge from formal financial seminars or workshops. The survey indicated that 69 percent of millennials overall had not participated in any sort of financial coursework, compared to 58 percent of Hispanic millennials who had not. In spite of this 11 percent financial education gain over the general millennial public, more Hispanics have questions regarding savings (45 percent compared to 32 percent of the general population), budgeting (37 to 30) and credit cards (38 to 26). These questions make Hispanic millennials more active online and at branches. Branches are ideal because they offer security and face-to-face service where Hispanics are free to make deposits, withdrawals and ask for advice.
For full results of the survey, including findings for Boston, Miami, New York City and Philadelphia and for Hispanics, men and women, visit https://mediaroom.tdbank.com/finedsurvey.
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