There are myths about millennial's banking habits, but many may be surprised about how untrue they really are.
Millennials banking habits are better than what most suspect. There's a myth that millennials don't have their financial products with one firm. However, they are just as likely as older generations to use every core deposit product at one bank. The truth is, banks aren't engaging with millennials enough, and many millennials believe that when reporting issues to banks they are least likely to get the problem resolved.
What's more, Gallup recently found that millennials have a higher share of wallet with their primary bank than any other generation. And when banks engage millennials, they gain a serious boost in wallet share: Fully engaged millennials have a 23% greater share of wallet than actively disengaged millennials.
Finally, millennials are the generation least likely to strongly agree that their bank has their best interests at heart, helps them reach their financial goals or looks out for their financial well-being.