Microsoft Survey Finds Less Trust or Optimism in Banks
The Microsoft “Millennials in Financial Services” survey, conducted by KRC Research of Washington, D.C., found that millennials born between 1981 and 2000 have less trust in banking and investment firms since the bailouts of AIG and global banks a year ago.
Millennials surveyed also believe that the U.S. financial industry is out of touch with the way they would like to communicate with their financial institutions. Based on the findings, millennials would prefer to communicate with their financial institutions through new channels including live online chats with banking representatives, personalized Web portals and financial applications for smartphones.
“The financial crisis has created a deep sense of mistrust in millennials, which is keeping the next generation of wealth on the sidelines,” said Colleen Healy, general manager of U.S. Financial Services at Microsoft. “However, this survey points to technology as a solution for financial services firms seeking to rebuild trust and build lasting relationships with this group.”
Other findings include the following:
- 80 percent believe U.S. financial institutions do not deserve more bailout money.
- 67 percent are less likely to invest money in the stock market based on the current economic climate.
- 82 percent are concerned that more financial institutions will continue to fail in the near future.
- 82 percent think it is important to get rid of large executive bonuses until the U.S. economy improves.
- 51 percent are not likely to invest money in 401(k)s or other retirement plans.
Washington, D.C.-based KRC Research conducted the Microsoft “Millennials in Financial Services” survey Aug. 19–23, and garnered responses from more than 500 young adults in the United States born from 1981 to 2000. To download the full survey results with more information on how millennials’ investing habits could impact the financial industry, readers can visit http://www.microsoft.com/presspass/presskits/msfinancial/Default.aspx.
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