Millennials' Financial Habits Are Worth Noting as Payments Evolve
Millennials, the largest U.S. age group, are worth adjusting for. More than 20 percent have never written a check to pay a bill, says a new study.Western Union has released its Bill Payments Money Mindset Index, a survey of the financial habits of this country's largest age demographic: Millennials. Or, as they're also known, Generation Y, a group born between roughly the early 1980s and early 2000s. While the winners of the burgeoning mobile payments market are far from being decided, the survey—which Western Union commissioned from Javelin Strategy & Research—is an effort to help Western Union's customers understand the importance of integrating mobile and online capabilities into their bill-payment options and to prepare for a market expected to have a transaction value of more than $721 billion in 2017, according to research firm Gartner. Among the survey's most tellingly Gen Y findings were that 21 percent of "Gen Y-ers" have never written a physical check to pay a bill, and that 39 use percent use three or more methods (snail mail, mobile, PC) to pay their bills. Gen Y also beat out all other bill payers when it came to paying bills with cash, credit or debit cards. (Debit was the most popular of the three, which Gen Y uses 41 percent of the time, compared to all others' 28 percent.)
Gen Y also beat out all other mobile users in the degree to which they use apps and mobile tools to make bill payments (38 percent, versus 22 percent); view statements (38 percent, versus 24 percent), view bills and transaction histories (43 percent, versus 25 percent) and set up automated recurring payments (24 percent, versus 15 percent).