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US Banking Consumer Habits by Generation 2024

Insights for Driving Acquisition and Retention Among Each Generation

Report by Maria Elm | Dec 18, 2024

Report Charts Executive Summary

Here’s what’s in the full report

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Table of Contents

Executive Summary
Gen Zers are making banks work to win their deposits
Millennials are pragmatic and inquisitive consumers

Gen Xers are increasingly willing to explore their options to find the right provider
Baby boomers are banks’ most loyal customers
Methodology

Media Gallery

Charts in This Report

Boomers Are Far More Likely Than Average to Buy From Traditional Banks Based Only on Brand Trust (% of US checking/savings account users, by generation, Oct 2024)Gen Zers Research Banks on Banks' Apps and Socials at Higher Rates Than Older Consumers Do (% of US Gen Z vs. Gen X and baby boomer checking/savings account users, Oct 2024)

Apple Wins the Crown for Being Gen Z's Most Trusted Banking Provider (% of US Gen Z vs. total checking/savings account users, Oct 2024)Millennials Appreciate Bank Ads That Reflect Their Values, Much More Than Older Generations Do (% of US millennial checking/savings account users, Oct 2024)

Millennials Flock to Bank Sites for Banking Research, at Much Higher Rates Than Gen Zers (% of US millennial checking/savings account researchers*, Oct 2024)Millennials Are Almost Twice as Likely as Older Consumers to Switch Banks Over Product/Service Quality (% of US millennial checking/savings account users considering switching primary banks, Oct 2024)

Gen Xers' Trust in Their Current Bank or Other Traditional Providers Fell Over the Past Year (% of US Gen X checking/savings account users, 2024)Gen Xers' Bank Discovery Drivers Are Less Traditional Than Baby Boomers' (% of US Gen X vs. baby boomer checking/savings account users, Oct 2024)

Boomers Are More Likely Than Average to Say Nothing Could Make a Banking Ad More Persuasive (% of US baby boomer vs. total checking/savings account users, Oct 2024)Boomers Value Human Assistance When Buying Bank Products, More Than Younger Consumers Do (% of US checking/savings account users, by generation, Oct 2024)

authors

Maria Elm

Contributors

Suzy Davidkhanian: VP, Content

Vladimir de Leon: Chart Editor

Eleni Digalaki

Erika Huber: Director, Report Editing

Madan Kumar: Copy Editor

Na Li: Director, Primary Research

Penelope Lin: Director, Data Visualization

Tiffani Montez

Jennifer Pearson: VP, Research

Emman Velasco: Chart Editor

Julia Woolever

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