Millennials Are Bringing down the Banks

Listen up, corridors of power: millennials are bringing down the banks… but don’t worry, it’s not a political statement so much as even more evidence that we’re addicted to our smartphones.

What it means:A new report called ‘The Way We Bank Now‘ says that mobile banking is on the rise, especially among young people. 59% of 16-24 year olds and 69% of 25-34 year olds use smartphones for banking, in contrast to 49% of 65+ year olds.

Besides the whole not-having-to-queue-for-ages thing, mobile banking allows us to see forward-looking bank statements so we can pre-panic about how little money we’ll have by the end of the month – thanks tech.

There’s also a new system in the works where we’ll be able to see our real-time balance on our phones and make payments 24/7… which means no more waiting til Monday if payday comes on a weekend.

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