Millennials, we’re all told, are agents of change. The way they live is different than any generation past.
And it’s true, perhaps. But some things aren’t going to change—especially within five years.
Which is why it was rather dismaying to read that fully one-third of millennials believe they won’t need a bank in five years. Really, now?
Sure, banks suck. They’ve always sucked. I use mine as little as possible. But I still need it—we all do. Savings, investments, loans, mortgages, credit cards; at least some of these things do or will apply to virtually every millennial, and the world is simply not in a position to offer them outside of a bank quite yet.
This data came from Goldman Sachs Global Investment Research’s Future of Finance report series, which also suggested 50% of millennials don’t expect to use cash on a weekly basis by 2020. This is much more logical and reasonable. Many people are already live cashless lives—but still use banks—and get along just fine.
Google a phrase like “millennials worst generation” and you’ll find mountains of articles pointing to the downfall of humanity being spearheaded by the narcisstic stupidity of millennials. And it’s dumb things like this—we don’t need banks! we’re millennials!—that gives them this reputation.
Ditch the cash, keep the banks, and let’s talk again in 2020.
Disclosure: I am a millennial.