TD Bank has announced the results of the TD Bank Financial Education Survey focusing on millennial banking habits, which revealed that these young adults take few risks when it comes to managing their money.
In fact, 49% of Hispanic millennials describe their financial personality as cautious when it comes to overall personal finance habits. The nationwide survey polled more than 2,000 millennials (ages 18 to 34), including 500 Hispanics, about their banking behaviors and preferences, as well as their go-to sources for financial information and advice.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Nandita Bakhshi, executive vice president, Retail Distribution and Product, TD Bank, said: "The study demonstrates that Hispanic millennials want more insight and support with their personal finances. More than 20 percent of Hispanic millennials have gone to a bank branch more often than last year for advice. They are looking for a trusted financial partner to help them become confident consumers."
Knowledgeable Hispanic Millennials Still Seek More Information
According to the survey, 39% of Hispanic millennials describe their financial personality or character as "knowledgeable" followed by "well informed" (35 percent) when it comes to day to day banking practices, such as opening a checking account.
In terms of informational resources, Hispanic millennials rely primarily on financial institutions and their families for advice. Additionally, more Hispanic millennials have participated in a form of financial education than millennials in the general population.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData- 55% of the general population see their parents as primary influencers in shaping their banking and financial views, as compared with 49% of Hispanics
- 33% of all respondents turn to their bank for information
- 69% of general population millennials have not participated in any formal financial courses, seminars or workshops, compared with 58% of Hispanic millennials
Even with 11% more Hispanic millennials reporting participation in a form of financial learning, more still seek advice on financial topics compared to the general population. Hispanics have the most questions in the following personal finance areas:
- Savings (45% vs. 32% of the general population)
- Creating a budget (37% vs. 30% of the general population)
- Credit cards (38% vs. 26% of the general population)
Active Online and in Branches
Hispanic millennials are as likely as the general population to use branch banking, but are far more active than the general market when inside, using their time to make a deposit, withdraw money and seek advice.
Hispanic millennials feel banking in person offers more security and face-to-face service (59%). Moreover, 62% of Hispanic millennials find it easier to resolve issues or disputes in-branch compared to 48% of the general population.
However, 90% of millennials said they use online or mobile tools for their everyday banking activities, such as checking balances or paying bills, and 62% of Hispanics are using mobile banking more frequently than they were last year, compared with 57% of the general market.
Hispanic millennials said they check their balance and activities daily (39%) or weekly (49%). Hispanics are also 11% more likely to check their accounts using texting and mobile technology than the general population.
Bakhshi added: "While Hispanic millennials are increasing their mobile and online banking, nearly half still visit a branch frequently. Hispanics should find a bank that offers quality mobile and online banking tools, but also provides the traditional human interaction that Hispanic millennials find most helpful in understanding their personal finances."
