Millennials struggling to get a financial foothold in a challenging economic environment are resorting to a range of alternative banking providers to find the lower, more transparent fees and convenient access they Need.
According to a study from Think Finance, Millennials are using a mix of traditional and alternative financial services to meet their needs. While nearly all (92%) Millennials report that they currently use a bank, almost half (45%) indicate that they have supplemented their banking activities with with some form of alternative financial product or service — e.g., prepaid debit card, money transfer service, check cashing, pawn shop, payday loan, etc. — within the past year. Additionally, an overwhelming majority of Millennials who have used alternative financing (81%) say that having emergency credit options available are at least somewhat important to them; less than half of respondents said they have an emergency savings fund of at least $1,000.
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