banking

Gen Y prefer national banks, elders go local

Posted 8/6/13

LOS ANGELES – Generation Y, young adults 18 to 24, prefer to national banks while Americans older than 65 prefer local banks, according to the results of a nationwide survey by GoBankingRates.com announced in a July 25 press release.

“Considering the thousands of banks that failed during the 1930s, it's not surprising older Americans who grew up in the aftermath of the Great Depression would value institutions with deep roots in the community over national banks,” said Managing Editor of GoBankingRates.com Casey Bond. “Though Gen Y experienced a similar scenario in the late 2000s, this generation, influenced by corporate branding and convenience, has a much different set of values than their grandparents and great-grandparents.”

The study looked at age, gender, income, geography, and urban density as factors. For more on the survey, which was conducted June 13-15, visit www.gobankingrates.com/.

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