One in four youths just stay with banks chosen by parents

UK-based price comparison service uSwitch said that when it asked those surveyed why they had chosen a particular current account to be their main account, 26 per cent of 18-to-34-yearolds chose the option: “My parents set the account up for me as a child, and I’ve just stayed put.”

Meanwhile, almost a quarter (24 per cent) of the young people surveyed in the poll in which more than 1,000 18-to-34 year-olds took part, said they believe that tech companies such as Google, Apple and Amazon could do a better job than a traditional bank in offering financial products in the way their generation needs them,

Just under one in three (32 per cent) of young people surveyed believe their bank offers products to help them deal with the financial challenges faced by their generation.

One fifth (22 per cent) of those surveyed had never deposited a cheque and 62 per cent had never used their bank’s mortgage services.

Instead, the “millennial” generation is looking for simple help with their short and long-term financial goals, the findings suggest.

The wish- list among younger customers includes help with how to improve their credit history, clear information on savings and pension products, as well as general help on how to better manage their money.

Nicolas Frankcom, money expert at uSwitch.com said: “The banks must work harder, with more innovation around relevant products and services if they are to attract the custom of this generation. If they don’t, someone else will.”