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This analysis shows how Millennials' unique traits influence their banking behaviors, suggesting tailored financial services are needed.
This paper looks at the characteristics of the Millennial generation, compares them to other generations, and explores how the characteristics of Millennials influence their banking behavior, specifically their choice to utilize financial products and services commonly associated with financial institutions. The results indicate that Millennials differ from Generation X and Baby Boomers in several aspects, including utilization of mobile banking, accumulation of student loan debt, and perception of financial knowledge. Through differences in means tests and probit regression, the results from this study reflect how these factors influence Millennials’ interest in and utilization of financial products and services typically offered by banks.
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Brodmann et al. (2018) studied this question.
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