Around 47% of millennials were found to take few risks while managing their money in banks, according to a new ‘TD Bank Financial Education Survey’ by TD Bank.
The survey was conducted on over 2,000 millennials aged between 18-34, who were asked about their banking behaviours and preferences.
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The study found that millennials take advice from financial institutions and their families for banking preferences.
However, 59% of respondents reported that they have knowledge about their banking products and would accept advice on personal finance topics such as savings, budget and credit cards.
TD Bank retail distribution and product executive vice president, Nandita Bakhshi, said the results of their 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.
"While millennials are banking more online and on their mobile device, 52% are still visiting a branch as frequently as they did last year.
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By GlobalData"The branch visits plus the increased mobile banking activity shows that they appreciate a bank that can offer them the tools they need to succeed, whether this is in a branch, online or through a mobile app," Bakhshi added.
