Millennials Jumping Off the Traditional Banking Bandwagon

iStock/Thinkstock(NEW YORK) — Millennials are marching to the beat of a different drummer when it comes to their personal banking.

In a survey conducted for software company FICO of 900 adults, many people ages 18-34 are eschewing traditional banking services long used by older generations.

For instance, 32 percent of millennials said they’d probably use mobile wallet services such as Apple Pay or Google Wallet during the next year. That’s compared to 16 percent of Americans 35 and older.

When the field of millennials is narrowed down to those between the ages of 18 and 24, 56 percent acknowledged that they were already using or plan to use Venmo and PayPal to make payments.

Among the entire group of respondents, five percent say they now use a mobile wallet with 18 percent plan on doing so over the next 12 months.

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