Paycards Lead a Payment Revolution
Study By Global Cash Card And The Center For Generational Kinetics
The Top 10 Research Study Findings:
NEW FINANCIAL REALITY
1. More than 5 million Millennials (age 20-38 and the largest part of the workforce) in the U.S. do not have a checking account.
2. More than 1/3 of all Millennials (37%) say it would be valuable to have their pay loaded onto a paycard each payday. That is over 29 million Millennials!
3. Close to 1/3 of Millennials (32%) think paycards are beneficial for all employees.
NEW FINANCIAL SOLUTION
4. 57% of ALL employees think that paycards should be offered as a payment option. This feeling only grows with younger workers with 64% of Millennials agreeing.
5. Among current paycard users, the feeling is unanimous. 100% of current paycard users believe employers should offer paycards as an option.
CREATING POSITIVE FINANCIAL HABITS
6. 34% of Millennials and 75% of paycard users think that paycards would help them save for retirement.
BEST EDUCATED ON PAYROLL
7. When it comes to receiving payroll education, Millennials and current paycard users are the most informed. 61% of Millennials and 83% of current paycard users say they have received payroll education compared to 45% of Boomers (age 51-69) and 48% of Gen X (age 39-50).
8. Nearly 40% of Millennials feel that a company cares about employee happiness when it pays attention to how employees want to receive their pay.
PAYROLL AND GENDER MATTER
9. 53% of Millennials think the payroll person is more important at the company than the CEO!
10. A majority of EVERY generation agrees that women are better at managing their money! This includes 64% of Millennials, 64% of Gen X and 72% of Boomers!
Research findings based on a national survey of 1,005 U.S. adults age 18 to 65, who have been employed in the U.S. the past 6 months. Confidence interval +/-3.1%
All findings copyright 2016 Global Cash Card and The Center for Generational Kinetics, Jason Dorsey, CSO