Generation Z Visits Bank Branches More than Any Other Generation

Generation Z Visits Bank Branches More than Any Other Generation

October 19, 2017         Written By John H. Oldshue

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.



The information contained within this article was accurate as of October 19, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : No Annual Fee, Bonus Offer, Cash Back
Featured No Annual Fee Card
Top Features : Earn cash back twice. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time