In what may be unsurprising news, credit reporting bureau Experian recently found that millennials use their phones more than any other generation.
"Millennials are true digital natives," said John Fetto, a senior analyst of marketing and research for Experian Marketing Services. "Millennials are the first mobile-dominant generation. It is how they connect to and communicate with the world, and as such, they need to be connected constantly, from the moment they wake up until they go to bed at night."
The bureau's study focused on adults aged 18 to 34 and concluded that they are the generation that is most in tune with the digital world. Of this group, 77 percent owned a smartphone. On average, owners used their devices for 14.5 hours each week. Perhaps the most significant evidence of this trend is that millennials only account for 29 percent of the population but are responsible for 41 percent of the total time of American smartphone usage.
Fetto went on to say that smartphones are a part of daily life for millennials, unlike older generations who view the expanded use of these devices as a technological revolution. This is true to such an extent that younger Americans see their devices as a need compared to their boomer and Generation X counterparts who see smartphones as a want.
A tech-savvy generation
Not only did Experian deduce that millennials are the frontrunners in regard to digital technologies, it also found that they are particularly fond of mobile devices. Half of smartphone owners in this group said that they access the Internet using a phone rather than a computer.
Given the bureau's conclusion, it is no surprise that March data from the Federal Reserve Bank found that younger Americans were more likely to use Mobile Banking to manage their checking account and other financial information. Of respondents between the ages of 18 and 29, 39.1 percent said they accessed their accounts from a smartphone within the past 12 months.
As the age bracket increased, the usage rate decreased. Among those aged 30 to 44, 33.7 percent reported using Mobile Banking within the past year, while only 20.7 percent of 45- to 59-year-old respondents and 6.6 percent of those 60 or older said the same.
Whether you were raised with technology or are on the learning curve, our mobile solutions can give you easy access to your account from anywhere. Depending on your preferences, you can manage your financial information via SMS message, your phone's Web browser or our smartphone handy app.
For more tips and updates on the latest in banking technology, contact Landmark Bank.
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