Most Millennials Predict Cashless Future, ETA Member TD Bank Report Finds
3-18-2019
The generation least likely to carry cash predicts a cashless future, a recent survey from TD Bank has found.
According to the report, 82 percent of millennials believe society will eventually become cashless. Though millennials are the most likely among any age group to use a rewards card to pay for a group outing, and spend on average at least $500 more on dining per month than older generations, they are also the most likely generation to prefer cash while traveling – 26 percent prefer to do so.
Despite their affinity for rewards cards, the TD Bank report found that some millennials have questionable knowledge and habits when it comes to their personal credit.
Twenty-three percent of millennials don’t have a credit card, the report found, and 32 percent of millennials don’t pay their cards off in full each month. A quarter of millennials surveyed do not know their credit score, and a full half use between 31-90 percent of their credit limit, surpassing the recommended utilization rate of under 30 percent.
Still, millennials were the generation most likely to support helping their children establish credit. Forty-five percent of millennials said they would use a secured credit card, and 40 percent said they would help with student loans, to support their child’s efforts to build credit. Comparatively, seven in ten baby boomers indicated they are not helping their children establish credit. Over half – 55 percent – of all respondents indicated they are not willing to help.
Click here to read more about the report.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.