The future is mobile and millennial

New research from Telstra suggests that millennials, that most talked about group of consumers, really are the future of banking.

Telstra’s global survey of 27,000 consumers, including 8,000 in the millennial 18-34 age band, discovered that UK millennials’ average wallet size is now 40% larger than the UK adult population as a whole.

According to Telstra, average wallet size is the total value of deposits and lending held by a particular group. The average wallet size of UK millennials is now £63,452, versus £45,435 for the total UK adult population.

Of course, millennials tend to have fewer savings obligations than older age groups, and are less likely to have sizable regular expenses, like mortgages. But their everyday behaviour as general consumers and banking customers indicate where banks should be focusing their service development in the future – and that’s squarely in the mobile space.

As an example of a bank making strides in this area, a comparative study of UK bank account data has revealed that not only does Barclays have the largest proportion of millennials among its customer base (42%) and the largest main bank market share (16%), but their millennial customers are also most likely to engage with the bank regularly using mobile banking. In fact, over 70% do so every month.

So, with established players and fintech disrupters both reaping the rewards of bringing their services into the palms of the young, it’s safe to say, all hyperbole aside, the children really are our future.