The Independent Community Bankers of America and the Center for Generational Kinetics released a study entitled The 2014 ICBA American Millennials and Banking Study, which found that millennials are interested in learning more about local banks, and are the most entrepreneurial generation.
Roughly 46% of the respondents reported that they are interested in learning the process of starting and running a small business.
Key survey findings:
- Entrepreneurs who are seeking a business loan or other funding generally seek locally owned and operated banks first.
- About 66% of the respondents say they desire for the relationship between banks and financial institutions to be more personal.
- Approximately 41% of millennials are interested in starting their own business. This is compared to 34% of those in Generation X and 17% of Baby Boomers.
- About 60% of millennials say they desire to start their own business within the next two years.
- 74% of millennials say that the ability to engage in mobile banking is very important to them.
- Younger generations tend to shy away from carrying cash. About 24% say they carry less than $5 per day with them.
“Community banks and millennials are the perfect fit for one another—both appreciate local business, and both have a strong entrepreneurial spirit,” said Chris Lorence, ICBA executive vice president and chief marketing officer, in a statement. “Community banks provide nearly 60% of all small business loans under $1 million, so they are an excellent resource for the 46%of Millennials who are interested in starting a business.”