Millennials Banking Statistics, Facts and Trends for 2025

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Millennials are people born between 1981 and 1996, and are also known as Generation Y. The term was first used in the 1991 book “Generations” by William Strauss and Neil Howe, who named the generation after it being the first to come of age in the new millennium.

In 2025 Millennials are all adults now. What’s their banking situation? Are they using online and mobile banking to their advantage, or are they old fashioned in that regard? Which banks and banking apps do Millennials prefer?

Find out in my updated Millennials banking statistics and facts guide for 2025.

You can use this jump link to quickly jump to the KEY STATS section.

Also, all the references and resources I used in crafting my guide are listed at the bottom of the page.

Jump here: Key Millennials Banking Statistics, Facts and Trends for this Year| Detailed Millennials Banking Statistics, Facts and Trends for this Year

Millennials Banking Statistics, Facts and Trends for 2025

Table of Contents

Key Millennials Banking Statistics, Facts and Trends for this Year

Key Millennials Banking Statistics, Facts and Trends for 2025

92% of millennials use mobile banking apps regularly. (Source)
Millennials are 2.5x more likely to switch banks compared to other generations. (Source)
73% of millennials would be more excited about a financial offering from tech companies like Google or Apple than from their traditional bank. (Source)
Roughly 32% of Millennials said in a survey they’re more likely to use a fintech company to handle their banking transactions as opposed to using a real bank. (Source)
Only 25% of millennials trust their bank to help them improve their financial health. (Source)
Approximately 80% of millennials prefer digital banking over in-person branch visits. (Source)
57% of millennials have used peer-to-peer payment apps like Venmo or Cash App. (Source)
51% of millennials are comfortable with AI processing their financial data. (Source)
Millennials hold an average of 2.4 bank accounts across different institutions. (Source)
65% of millennials are interested in personalized financial advice through digital platforms. (Source)
Around 55% of millennials use online-only banks or digital banking services. (Source)
47% of millennials feel traditional banks do not understand their financial needs. (Source)
Millennials are 3x more likely to open a bank account through a mobile app versus in a physical branch. (Source)
68% of millennials want real-time financial tracking and insights. (Source)
Approximately 40% of millennials have invested in cryptocurrency as a form of financial security and investing. (Source)
62% of millennials prioritize low or no banking fees when choosing a financial institution. (Source)
Only 37% of millennials have a traditional savings account. (Source)
81% of millennials research banks on the internet before making a decision. (Source)
Millennials are the most likely generation to use budgeting and financial management apps. (Source)
55% of millennials believe their bank’s digital experience is outdated. (Source)
Approximately 33% of millennials have used buy-now-pay-later services. (Source)
45% of millennials would switch banks for better digital features and user experience. (Source)
33% of Millennials have a 401(k) through their employer and they have an average 401(k) balance of $66,500

Detailed Millennials Banking Statistics, Facts and Trends for this Year

How Many Millennials Regularly Use Mobile Banking Apps?

92% of Millennials use mobile banking apps regularly. Around 55% of them only use online-only banks or digital banking services. (Source)

Millennials love online banks, but don’t trust them blindly. 81% of Millennials thoroughly research banks on the internet before making a decision to open an account with them. (Source)

55% of Millennials believe their bank’s digital experience is outdated and 45% of millennials said in a survey they’d switch banks for better digital features and user experience. (Source)

Millennials are the most likely generation to use budgeting and financial management apps and these are the apps traditional banks often lack, while readily available in online banking. (Source)

How Many Millennials Regularly Use Mobile Banking Apps?

How Many Bank Accounts Do Millennials Typically Hold?

Millennials hold an average of 2.4 bank accounts across different institutions. (Source)

They’re also on average 2.5x more likely to switch banks compared to other generations. (Source)

Some recent surveys probing Millennials’ banking preferences showed that 47% of millennials feel traditional banks do not understand their financial needs, and that only 37% of millennials have a traditional savings account. (Source)

Furthermore, Millennials don’t trust traditional banks that much. The same study I mentioned above showed that only 25% of millennials trust their bank to help them improve their financial health. (Source)

How Many Bank Accounts Do Millennials Typically Hold?

Also, Millennials are definitely financially savvy and they want to be educated further by their banking institution.

Another recent survey (I link to it in the footer of this page) showed that 65% of millennials are interested in personalized financial advice through digital platforms. But traditional banks are often slow to respond and educate. (Source)

What Percentage of Millennials Have Invested in Cryptocurrency?

37% of millennials have invested in cryptocurrency, with Bitcoin being a popular option. The number of Millennials who’re actively investing in cryptocurrency is rising as more and more of them see crypto as a viable way of achieving achieve financial independence and freedom. (Source)

What Do Millennials Prioritize When Choosing a Bank?

Millennials prioritize low fees, correct financial tracking and optimized digital banking experience when choosing a bank.

According to recent research 62% of millennials prioritize low or no banking fees when choosing a financial institution. And 68% of millennials want real-time financial tracking and insights provided by the bank they picked. (Source)

And approximately 80% of Millennials prefer digital banking over in-person branch visits, even when bankers and bank tellers are super friendly, helpful and knowledgeable. (Source)

What Do Millennials Prioritize When Choosing a Bank?

What Percentage of Millennials Use Peer-To-Peer Payment Apps?

57% of millennials have used peer-to-peer payment apps like Venmo or Cash App. In a recent survey 73% of Millennials claimed they’d be more excited about a financial offering from tech companies like Google or Apple than from their traditional bank. (Source)

Approximately 33% of Millennials have used buy-now-pay-later services. (Source)

Millennials Banking Statistics, Facts and Trends Guide for 2025 (FAQ)

Millennials IQ and Education Statistics, Facts and Trends Guide for 2025 (FAQ)

How Much Does the Average Millennial Have in Their Bank Account?

About 48% of Millennials have no retirement savings at all. And only 14% of Millennials have $100,000 or more in savings. (Source)

The average Millennial emergency fund contains $2,472 and 52% of Millennials have less than $1,000 in savings. (Source)

Which Traditional Banks in the US Do Millennials Prefer?

Millennials tend to prefer large national banks like Bank of America, Wells Fargo, JPMorgan Chase, and Citigroup. However, they are also more likely to use digital banking smaller banks that offer progressive digital banking experience.

What are Millennials Looking for in Banking?

Millennials want personalized, convenient, and innovative banking experiences.

They want a personalized, digital banking experience that’s as hassle-free as possible.

Millennials also want relevant credit card recommendations and seamless, fully secured mobile banking.

Which Credit Cards Do Millennials Prefer?

Millennials prioritize cards that offer practical financial benefits over traditional credit card features.

They like credit cards that offer:

Cash back rewards (especially on dining, travel, and everyday purchases).
No annual fees.
Digital-friendly features like mobile apps and contactless payment.
Sign-up bonuses…

Top millennial-favored credit cards include:

Chase Freedom Unlimited.
Capital One Quicksilver.
Discover it Cash Back.
American Express Blue Cash Preferred.