In Tough Economic Environment, Many Young Americans Use Alternative Financial Services to Bridge Financial Gaps
FORT WORTH, Texas — Millennials struggling to get a foothold in a challenging economic environment are looking to a range of financial services providers for lower, more transparent fees and convenient access to their money, according to a new study released by Think Finance, a leading developer of online financial products that bridge the gap between payday loans and credit cards.
The survey was conducted online by Harris Interactive, on behalf of Think Finance, among 1,021 Americans ages 18 to 34, and found that Millennials are using a mix of traditional and alternative financial services to meet their needs. While nearly all (92 percent) Millennials report that they currently use a bank, almost half (45 percent) indicate that they have supplemented banking services with some form of alternative financial product or service (e.g., prepaid debit card, money transfer service, check cashing, pawn shop, payday loan, etc.) within the past year. read more »