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Online Banking Not Being Adopted by Younger Users

Online Banking Not Being Adopted by Younger Users

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Author: Sol Nasisi on July 29, 2008 - modified on September 26, 2018

Online banking has been a hit with Gen X consumers but not so much so with Gen Y. Why?

The New York Times recently published these interesting results.

Who's Banking Online

Online banking has been a hit with Gen X consumers but not so much so with Gen Y. Why? Most likely because Gen Y (15-29 year olds) don't have the money to make it interesting. Would you be interested in logging in to see a balance of $200? How much can you really do if you don't have the funds yet to actively manage?

This, of course, makes me wonder about the future of services like Mint.com. How can online banking on steroids really take route if plain old online banking isn't being embraced by the most plugged-in generation?

Maybe all of this will change once Gen Y start to accumulate their own money. But I think by then, there will be new services competing for their dollars.

Get the best online savings rates here.

Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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