How Millennials Feel About Their Prepaid Cards

 

This might not be common knowledge but a massive percentage of today’s workforce is comprised of millennials. Here’s another interesting fact about millennials not many people are aware of—millennials love their prepaid cards and they’re looking for ways to find the best prepaid cards they can get their hands on.

The fact that millennials love the best prepaid cards is no longer up for debate. Need proof? A staggering 29 million millennials receive their pay through their prepaid cards. What’s even more surprising? This is in the United States alone!

B&C Media conducted a study looking into the use of prepaid cards among millennials. The results gave a clear insight into the relationship millennials have with their prepaid cards—their overall satisfaction, their take on the benefits and fees, how and why they use prepaid cards, and many more.

Overall, the study revealed that regardless of how and where millennials use their prepaid cards, they are quite satisfied with it. In addition, most also report a positive and favorable experience using their prepaid cards either for ATM withdrawals or purchase transactions (both online and through merchants).

Below are other thought-provoking insights about the relationship between prepaid cards and millennials that were gathered through the study:

Fees and Charges

●     A whopping 70 percent of respondents report they are quite happy with their prepaid card charges and fees.

●     At least 53 percent of the participants revealed that when it comes to fees, their expectations are met accordingly.

●     Another 30 percent of the respondents claim they were pleasantly surprised that prepaid card fees are actually way lower than they expect.

Overall Satisfaction 

●     At least 83 percent of the respondents reveal they are happy and satisfied with their prepaid cards.

●     Over 60 percent of the respondents discovered that their prepaid card is more beneficial and useful than they initially thought.

●     Another 23 percent of the respondents revealed their prepaid cards didn’t disappoint and it actually met all if not more of their actual expectations.

Prepaid Cards vs Credit Cards

●     At least 64 percent of the participants don’t have credit cards and they claimed they chose not to have one and not because they are not qualified.

●     Another 47 percent of the participants opted not to get a credit card so they can avoid overspending.

●     At least 42 percent revealed that they chose not to get a credit card so they can avoid accumulating mounting debts.

Bank Accounts vs Prepaid Cards

●     At least 20 percent of the respondents don’t have a checking account and were worried about needing to maintain a minimum balance.

●     At least 33 percent of millennials who joined the study indicated that they opted to get a prepaid card over getting a checking account so they won’t have to deal with any overdraft fees.

Prepaid Card Usage

●     At least 98 percent of the participants use their prepaid cards to make purchases (online and through merchants.

●     Most of the participants also use their prepaid cards to pay for hotels, restaurants, and gas for their cars.

●     Majority of the respondents also used ATM and cash back at the point-of-sale access.

●     At least 50 percent of the survey respondents use their prepaid cards to withdraw money at least thrice every month.

●     At least 72 percent of the participants get cash back at the register.