US Banking Consumer Habits by Generation 2024

Insights for Driving Acquisition and Retention Among Each Generation

Report by Maria Elm  | Dec 18, 2024
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Executive Summary
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Table of Contents
Executive Summary
Gen Zers are making banks work to win their deposits
Millennials are pragmatic and inquisitive consumers
Gen Xers are increasingly willing to explore their options to find the right provider
Baby boomers are banks’ most loyal customers
Methodology
Media Gallery
About This Report
Our second annual study of US banking consumers reveals the key characteristics that make each generation’s customer journey unique. Banks can tailor their acquisition and retention strategies accordingly.
Topics
Financial Services
Banking
US
Table of Contents
Executive Summary
Gen Zers are making banks work to win their deposits
Millennials are pragmatic and inquisitive consumers
Gen Xers are increasingly willing to explore their options to find the right provider
Baby boomers are banks’ most loyal customers
Methodology
Media Gallery

Our second annual survey of 1,325 US banking consumers reveals the key behaviors and preferences of Gen Zers, millennials, Gen Xers, and baby boomers throughout the customer journey. These insights can help bank marketers tailor their acquisition and retention strategies.

Key Question: What key banking consumer behaviors among each generation should marketers be aware of?

Boomers Are Far More Likely Than Average to Buy From Traditional Banks Based Only on Brand Trust (% of US checking/savings account users, by generation, Oct 2024)
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Key Stat: Baby boomers are almost twice as likely as Gen Zers to buy banking products from their primary bank based on brand trust alone. Bank marketers must account for these generational differences when building their acquisition and retention strategies.

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Table of Contents

  1. Executive Summary
  2. Gen Zers are making banks work to win their deposits
  3. Millennials are pragmatic and inquisitive consumers
  1. Gen Xers are increasingly willing to explore their options to find the right provider
  2. Baby boomers are banks’ most loyal customers
  3. Methodology
  1. Media Gallery

Charts in This Report

Boomers Are Far More Likely Than Average to Buy From Traditional Banks Based Only on Brand Trust (% of US checking/savings account users, by generation, Oct 2024)Gen Zers Research Banks on Banks' Apps and Socials at Higher Rates Than Older Consumers Do (% of US Gen Z vs. Gen X and baby boomer checking/savings account users, Oct 2024)
Apple Wins the Crown for Being Gen Z's Most Trusted Banking Provider (% of US Gen Z vs. total checking/savings account users, Oct 2024)Millennials Appreciate Bank Ads That Reflect Their Values, Much More Than Older Generations Do (% of US millennial checking/savings account users, Oct 2024)
Millennials Flock to Bank Sites for Banking Research, at Much Higher Rates Than Gen Zers (% of US millennial checking/savings account researchers*, Oct 2024)Millennials Are Almost Twice as Likely as Older Consumers to Switch Banks Over Product/Service Quality (% of US millennial checking/savings account users considering switching primary banks, Oct 2024)
Gen Xers' Trust in Their Current Bank or Other Traditional Providers Fell Over the Past Year (% of US Gen X checking/savings account users, 2024)Gen Xers' Bank Discovery Drivers Are Less Traditional Than Baby Boomers' (% of US Gen X vs. baby boomer checking/savings account users, Oct 2024)
Boomers Are More Likely Than Average to Say Nothing Could Make a Banking Ad More Persuasive (% of US baby boomer vs. total checking/savings account users, Oct 2024)Boomers Value Human Assistance When Buying Bank Products, More Than Younger Consumers Do (% of US checking/savings account users, by generation, Oct 2024)

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authors

Maria Elm

Contributors

Suzy Davidkhanian
VP, Content
Vladimir de Leon
Chart Editor
Eleni Digalaki
Erika Huber
Director, Report Editing
Madan Kumar
Copy Editor
Na Li
Director, Primary Research
Penelope Lin
Director, Data Visualization
Tiffani Montez
Jennifer Pearson
VP, Research
Emman Velasco
Chart Editor
Julia Woolever