Five key facts explain why Millenials are the major agent of change in the future of the global financial industry. We see endless opportunities for innovation in several FinTech areas like payments, credit/financing and insurance.
5 KEY FACTS
– 33% of Millennials think banks will be unnecessary in five years from now
– 14% of Millenial small business owners use alternative financing rather than traditional banks
– Less than half of Millenials have a credit card
– Only half expect to use cash on a weekly basis by 2020
– 50% are counting on tech startups to overhaul banks
The infographic is part of the recently published Goldman Sachs’ Investment Research Report – The Future of Finance – Part III “The Socialization of Finance”. Find the full report in our Knowledge Center.
Following Wikipedia’s publication, “Millennials (also known as the Millennial Generationor Generation Y) are the demographic cohort following Generation X. There are no precise dates when the generation starts and ends. Researchers and commentators use birth years ranging from the early 1980s to the early 2000s.”