3 Banking Habits That Set Gen Z Apart From Older Generations
Banking isn't one-size-fits-all, especially when comparing the discrepancies of how different generations manage their money. Much like music and clothing choices, preferences vary widely between Gen Z, millennials, Gen X and baby boomers.
I'm a Bank Teller: Don't Ask for $100 Bills at These 3 Times
Consider This: Start Growing Your Net Worth With Smarter Tracking
According to an American Bankers Association Preferred Banking Methods survey, each generation has unique habits when it comes to handling finances. Here are three of the biggest differences in how Gen Z does their banking and what they reveal about the future of money management.
1. Overwhelmingly Prefer Mobile Options
Of Gen Zers surveyed, 63% expressed a preference for mobile banking. That preference is just slightly less than that of millennials, of which 67% surveyed reported mobile banking as a preference.
Although mobile banking is most popular among the younger generations, over half of Gen Xers surveyed reported mobile banking as a preference. Even 38% of baby boomers preferred mobile banking, making it the second-most popular option among that age group.
2. Don't Put Much Stake in Physical Branches
Perhaps not surprisingly, boomers surveyed reported the highest preference for physical branches. Twelve percent of surveyed baby boomers preferred to conduct banking tasks at a physical branch.
In contrast, only 3% of Gen Z preferred physical branches, 7% of millennials and 10% of Gen X.
Explore More: Enter for a Chance To Win $500 in MoneyLion's Summer Break Giveaway (No pur. nec. Ends 7/4/26. See Official Rules at mlion.info/summerbreakofficialrules)
3. Still Appreciate Snail Mail
Surprisingly, 3% of Gen Z respondents claimed to appreciate physical mail as a way to conduct banking business. Although a low percentage, it's three times more than the percentage reported by millennials, Gen Xers or baby boomers, with each generation reporting a 1% preference for snail mail.
Final Take: The Future of Banking Is up to You
Although younger generations may be more inclined to use online or mobile banking, an overwhelming majority appreciate the tech improvements their bank is making. In fact, 89% of those surveyed reported tech improvements are making it easier to access financial services.
Almost everyone has to tackle banking tasks. Overwhelmingly, survey respondents preferred to handle banking tasks via their financial institution's mobile app or online. Physical mail services were the least popular option.
When finding a new bank, take the time to explore its service options. Seek out a bank offering the features you prefer like physical branches or a top-notch mobile app.
Caitlyn Moorhead contributed to the reporting for this article.
Summer spending adds up fast. Enter MoneyLion's Summer Break Giveaway for a chance to win $500 — and give your budget a break. (No pur. nec. Ends 7/4/26. See Official Rules at mlion.info/summerbreakofficialrules)
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion:
How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too
7 Kirkland Signature Items at Costco Worth Buying This Spring
4 Financial Decisions Young Adults Make That Are Hardest To Undo