ROCKVILLE, Md., May 23, 2017 /PRNewswire/ -- Millennials are investing less and handling finances more conservatively than previous generations, according to a recent Revere Bank study.
The study surveyed nearly 120 millennials (aged 18-39 at time of survey) on their financial habits and future financial preparations. The study reveals insight into millennials' plans and opinions on finances, technology, banking and life.
"As millennials continue to make more substantial economic contributions in society, organizations will need to transform their products and services to fit the demands of this generation," said author of the report and Revere Bank Co-President and CEO Andrew F. Flott. "Banks, in particular, are finding it necessary to rapidly advance technology and communication strategies to be more attractive to millennials and their fast-paced lifestyles."
Key findings from the survey include:
- 40 percent of millennials surveyed do not invest.
- Only 10 percent of surveyed millennials do not independently save for the future (but 72 percent participate in their employers' 401(k) plan).
- 41 percent of millennials consider student debt a major financial concern.
- Only 10 percent of millennials surveyed were business owners. 47 percent say they'd consider opening a business, but have no immediate plans to do so.
Revere Bank has published a white paper entitled "Millennials and Money," which details the financial habits of millennials and the generation's impact on the banking industry. For access to the complimentary white paper, visit Revere's website.
If you're interested in an interview with Mr. Flott or more information, please email email@example.com.
About Revere Bank
Revere Bank is a community bank headquartered in Maryland with more than $1.9 billion in assets. Established in 2007, Revere Bank specializes in serving business clients throughout the I-270 and Baltimore-Washington corridors. Led by a team of experienced bankers with extensive local market knowledge, Revere Bank provides creative financing and unparalleled service to meet each client's unique needs. And even with our recent expansion, we're still your community bank – making local decisions to improve the communities we serve, now with more resources to make our customers even more successful. Revere Bank has locations in Anne Arundel, Baltimore, Frederick, Howard, Montgomery and Prince George's counties. We do everything we can to say yes to you – because we're committed to your success. For more information, visit www.reverebank.com. Connect with us on Facebook, LinkedIn and Twitter.
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SOURCE Revere Bank