Millennials, the generation hooked on mobile devices, are almost as likely as any other age group to visit a brick-and-mortar bank, suggesting that branch banking isn’t quite yet doomed to obscurity, a Bankrate.com survey found.
The results show that today’s 20- and early 30-somethings are nearly as likely as their older counterparts to have visited a bank branch in the past 30 days. (ATM transactions weren’t included in the figures.)
“It was surprising to me that millennials go to the bank at least as much as older people,” Bankrate analyst Sheyna Steiner said.
Americans have embraced mobile and Internet banking despite some security concerns, leading many banks to reduce their number of branches. In February, JPMorgan Chase announced plans to shutter as many as 300 branches nationwide.
Bankrate’s survey found that nearly 4 in 10 Americans haven’t visited a bank or credit union branch in the last six months. Still, that’s an improvement from March 2014, when just 34% of respondents said they had gone into a bank branch.
Steiner said financial insecurity, caused by recent gyrations in the stock market and debate over the Federal Reserve’s decision to raise interest rates, may be one catalyst that’s driving more consumers to bank branches. “When people are anxious about money, they’ll go to a bank more,” she said.
Bankrate.com said its Financial Security Index fell in December to 101.1, reversing a gain seen in November to 103.4. (Any number above 100 indicates improved financial security compared to one year ago.)
Though Americans’ feelings of job security improved, readings on the other four components — comfort level with savings, comfort level with debt, net worth and overall financial situation — each fell lower compared to November’s reading, Bankrate said.
More Money-Saving Reads:
- Image: Wavebreakmedia Ltd