This might not be common knowledge but millennials now make up a massive part of today’s modern workforce. Another surprising fact about millennials? They love and are using the best prepaid cards they can get their hands on!
If you are a millennial, you can probably attest that the best prepaid cards have become quite popular. In the United States alone, a staggering 29 million millennials already have their salaries loaded onto their prepaid cards.
A B&C study explored the use of the best prepaid cards among millennials. The result of the study provided a lot of insight into the relationship between millennials and their prepaid cards.
Some of the insights include their views on prepaid cards and the benefits they offer, how and why they opt to use prepaid cards, their overall satisfaction with prepaid cards, and many others.
Overall, the survey revealed that regardless of how and where millennials use their prepaid cards, they are quite satisfied with it. As expected, they also have a positive and favorable experience when it comes to using their prepaid cards for purchases as well as other transactions.
Below are some of the interesting revelations from the survey conducted on millennials and their relationship with their prepaid cards:
Overall Prepaid Card Satisfaction
- A whopping 83 percent of respondents say they are happy and satisfied when it comes to using their prepaid cards
- Another 23 percent of prepaid card users say prepaid cards met their expectations and they were not disappointed at all
- Over 60 percent of the survey participants revealed say that their prepaid card is more useful than they first thought
Prepaid Card Fees
- At least 33 percent of the millennials that participated in the survey revealed they prefer their prepaid cards over other options like their checking accounts as they won’t have to deal with overdraft fees and other monthly charges
- At least 20 percent of the survey respondents don’t have checking accounts and were quite worried about needing to maintain a minimum balance when using their prepaid cards
Credit Cards versus Prepaid Cards
- Of the 64 percent respondents that don’t have credit cards, most chose not to get one by choice and not because they are not qualified to get one
- Forty-seven percent of the survey respondents opted not to get a prepaid card so they can avoid spending more money than they can afford or would like to
- Another 42 percent of the respondents say they didn’t get a prepaid card so they can avoid debt
Prepaid Card Usage
- At least 98 percent of the survey participants revealed that they use their prepaid cards to make purchases
- Majority of the survey participants use ATM and cash back at the point-of-sale access from their prepaid cards
- Seventy three percent of the participants use their prepaid cards to withdraw money from automated teller machines (ATMs)
- A staggering 73 percent of the survey participants revealed they get cash back at the register.
- Close to 50 percent of the survey participants revealed that they use their prepaid cards to withdraw money from ATMs at least 3 times (or more) monthly