To celebrate Financial Literacy Month, TD Bank recently conducted a survey in which more than 2,000 Millennials across the country were asked about their banking behaviors and preferences, as well as their go-to sources for financial information and advice. According to the survey, these young adults take few risks when it comes to managing their money. In fact, 47 percent of millennials describe their financial personality as being cautious. “The results of our study prove that financial education is not only a key component of financial success, but also that millennials want more support with their personal finances,” said Nandita Bakhshi, Executive Vice President, Retail Distribution and Product, TD Bank. “Millennials need to feel empowered to reach out to their bank and have their questions answered so they become more confident about their financial futures.”
According to the TD Bank survey, millennials are banking online and on their mobile devices more frequently than ever. In fact, 90 percent of survey respondents said they use online or mobile tools for their everyday banking activities, such as checking balances or paying bills. While millennials are increasingly tech savvy banking customers, they are still visiting bank branches as frequently as they did last year. Those who do their banking in a branch feel it is more secure and enjoy the in-person service.
TD Bank’s financial education programs feature lessons for children and adults. Both the WOW! Zone and adult financial education programs reach an average of 100,000 children and adults each year in our Maine to Florida footprint. Aligning with the survey results, an increase in information and lessons on online and mobile banking will be key for all ages to become successful money managers.
Congratulations TD Bank!