UserTesting: Global study — generational banking & spending

OnePoll conducted international research with 3,800 consumers on behalf of UserTesting. The online study asked 1,800 American, 1,000 Australian and 1,000 UK consumers about personal finance, exploring the spending and banking habits of different generations.

UserTesting produced three country-specific reports from the research data, available to download from the UserTesting site (see link below). As part of the project, we also collaborated on a media campaign with our news generation arm, 72Point Inc producing a survey-led news story and infographic to share and publicize the key findings from the U.S. survey.

The international research revealed that, overall, 27% of people globally still “strictly” use traditional banks, ditching digital-only completely—including 28% of baby boomers and 26% of millennials. Only 12% globally said they’d rather use a digital bank with no physical presence. Four in five digital bank users said they wished their banks offered some of the perks traditional banks already have, like being able to speak to a human for customer support.

In the U.S. study, one third of people said they “strictly” use traditional banks, ditching digital completely — including 40% of Gen Z and 34% of baby boomers. While digital wallets and mobile banking apps were most popular amongst younger generations (76% of Gen Z and 86% of millennials) and least popular for baby boomers (48%).

“We’re seeing a strange dichotomy in banking unfolding in front of us,” said Dana Bishop, VP of Experience Research Strategy at UserTesting. “We know physical banking branches are closing in droves, yet the data here supports that consumers — especially in younger generations — crave the human-first benefits traditional banks provide.

As for spending, the U.S. research revealed that 48% said their grocery costs are eating up the majority of their monthly budget, followed by utility bills (38%) and credit card debt (37%).

Generational comparisons revealed there are differences:
38% of Gen Zers are delegating the majority of their monthly budget towards loans,
46% of millennials are likewise spending most of their money tackling credit card debt.

Meanwhile:
45% of Gen X is spending the most on groceries
43% of baby boomers are paying the most on utility bills
43% of the Silent generation are spending the most for their rent and/or mortgages.

The research story achieved over 300 pieces of coverage in U.S. outlets. We have shared some of the headlines on this page.

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