Generation Z Visits Bank Branches More than Any Other Generation
Members of Generation Z are finally entering adulthood. They now represent the 18-21 year olds in most studies and surveys. Despite this group’s experience with technology and cashless spending, new research from Accenture shows that Generation Z is more likely to visit a physical bank branch than all other age groups.
20% of adults visit their bank branches at least once a week. That increases to 23% with Gen Z, compared to 16% of Baby Boomers. Gen Z is also the most likely group to make purchases in stores with cash (28% of Gen Z vs. 18% of Millennials).
In addition to visiting physical branches, 69% of Generation Z members use mobile banking apps at least once a week. Only 17% of Baby Boomers use mobile banking. A surprising 46% of American and Canadian adults use mobile wallets today, and 64% plan to use them by 2020.
The study also explored how North Americans view rewards credit cards. 48% of overall participants said they would switch their current rewards card if they could get more for their purchases. 42% said they would get a different card for a significant upfront bonus.