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TD Bank Financial Education Survey Finds Millennials Are Cautious Banking Customers

CHERRY HILL, N.J., March 10, 2014 /PRNewswire/ -- TD Bank, America's Most Convenient Bank ®, 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, 47 percent of millennials describe their financial personality as being cautious when it comes to overall personal finance habits. The nationwide survey polled more than 2,000 millennials (ages 18-34) about their banking behaviors and preferences, as well as their go-to sources for financial information and advice.

America's Most Convenient Bank.

"The results of our study prove that financial education is not only a key component of financial success, but also that millennials want more support with their personal finances," said Nandita Bakhshi, Executive Vice President, Retail Distribution and Product, TD Bank. "Millennials need to feel empowered to reach out to their bank and have their questions answered so they become more confident about their financial futures."

Millennials Mirror Family Banking Habits and Seek Advice from Family Members

According to the survey, millennials are relying mostly on financial institutions and their families for advice.

  • 49 percent of responding millennials see their parents as primary influencers in shaping their banking and financial views. 
  • 40 percent still say they turn to parents and family as a source of information.
  • 54 percent of responding millennials are going in to their bank branch for information; 62 percent are going online.

While 59 percent of millennials reported that they are "extremely" or "very" knowledgeable about their day-to-day banking products like checking accounts, they still want advice on personal finance topics, including:

  • savings (32 percent)
  • creating a budget (30 percent)
  • credit cards (26 percent)

In addition, very few of the respondents report to having had formal financial education training, such as a class at school, a seminar at a local bank or online courses,  while 69 percent of respondents had received no financial education lessons at all.

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