Gen Y like to switch accounts

Young Australians prefer the big brands of banking – the big four banks – but are prepared to shift their banking arrangements on the advice of family and friends, according to research by Datamonitor. Almost 75 per cent of people under 30 years old have a strong preference for savings and transaction accounts with the big four banks.

Harry Senlitonga from Datamonitor said Generation Y were more attracted to special deals than older people. “Gen Y’s are twice as receptive as Gen Xs to special offers on transaction accounts and nearly four times more than retirees, GenYs are up to five times more likely to switch their transaction account than the older generation.”

Source: Herald Sun