Not everyone may be aware of it but millennials make up a huge part of today’s modern workforce. Here’s another surprising fact about millennials not many people know about: millennials love and are always on the lookout for the best prepaid cards they can get their hands on.
The popularity of the best prepaid cards among millennials is no longer up for debate. In fact, in the United States alone, a whopping 29 million millennials have their pay loaded onto their prepaid cards.
A study conducted by B&C Media looked into the use of prepaid cards among millennials. The results revealed a lot about the relationship between prepaid cards and millennials—their views on prepaid card fees and benefits, their overall satisfaction with prepaid cards, why and how they use prepaid cards, and many more.
Overall, the survey indicated that regardless of where and how millennials use their prepaid cards, they are very satisfied with it. As expected, they also have a favourable and positive experience when it comes to using their prepaid cards for purchases and other transactions.
Below are some of the interesting insights discovered from the survey on millennials and their relationship with prepaid cards:
Prepaid Card Overall Satisfaction
- A staggering 83 percent of respondents report satisfaction and happiness when it comes to prepaid card usage
- At least 23 percent of prepaid card users revealed prepaid cards did not disappoint and met their expectations
- Over 60 percent of the survey participants found out their prepaid card is more useful than they actually thought
Prepaid Card Fees
- Over 80 percent of the respondents are satisfied with their prepaid card’s fees
- 53 percent of the survey participants report their expectations are met in terms of fees
- 30 percent of the respondents were pleasantly surprised that fees were lower than they actually expect
Prepaid Cards versus Other Bank Accounts
- At least 20 percent of the respondents don’t have checking accounts and were concerned about needing to maintain a minimum balance
- 33 percent of the millennials who participated in the survey revealed they chose prepaid cards over checking accounts so they won’t have to deal with overdraft fees
Prepaid Cards versus Credit Cards
- Of the 64 percent who don’t have credit cards, majority chose not to have one by choice and not because they are not qualified
- 47 percent of the respondents chose not to get a credit card so they can avoid spending more than they should
- Another 42 percent revealed they didn’t get a credit card so they can avoid debt
Prepaid Card Usage
- A staggering 98 percent of the respondents make purchases using their prepaid cards
- Majority of the participants use both cash back and ATM at the point-of-sale access from their prepaid cards
- 73 percent of the participants withdraw cash from ATMs using their prepaid cards
- Almost 50 percent of the respondents use their prepaid cards to withdraw money at least 3 times (or more) each month
- 72 percent of the survey participants get cash back at the register