The Millennials demographic is of great importance to any financial ecosystem or service in the world today. The younger generations have no loyalty to banks or other financial institutions. Moreover, they will not hesitate to switch to a more convenient solution on a whim’s notice. Interestingly enough, they all seem to be avoiding credit cards, which is good news for Bitcoin.
Despite payment cards being the second most commonly used payment tool in the world, the Millennials are not too keen on using these instruments. In fact, the number of people under 35 to have a credit or debit card is at its lowest level since 1989. This research was conducted by the Federal Reserve, who will not be too pleased with the findings.
Millennials Do Not Like Debt Or Banks
As to why this is happening, there are multiple explanations. Growing up in the middle of an ongoing economic crisis does not instil any trust in financial institutions. Since payment cards are issued by banks, Millennials will steer away from these solutions for the foreseeable future.