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The Battle To Bank Millennials

Jan. 31, 2015 12:49 PM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

www.thefinancialbrand.com

Today, there are roughly 75 million consumers between the ages of 18 and 34 in the U.S. This represents one in four of those with a checking account. Defined as those reaching young adulthood around the year 2000 (born around 1980. editor).

Millennials are known as the hyper-connected and technology-savvy crowds that interact on social media. For others, Millennials represent the middleclass protesters of the Occupy movement, the new generations of highly-indebted professionals, or the narcissists that made "selfie" the most famous word of 2013.

Millennials are the most educated generation in U.S. history, with more young adults holding higher degrees that at any point before. In 2013, one third of those ages 25-29 years old had at least four years of college or more, and the percentage skews higher for women (37%) vs. men (30%). In 1950, the share of individuals with four years of college or more was 7.7%, and by 1980, when the last baby boomers were starting college, the percentage was 22.5%. Today that number sits at 33.6%.

Despite these labels, Millennials' attitudes and preferences are touching upon many aspects of social and economic life with significant implications for the banking industry (as well as other industries,
including leasing. Editor)

Analyst's Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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