Think Finance, in a survey of simply 640 individuals aged 18-34, each of who purchased an alternate product that is financial the last year, discovered some similarities in use across earnings levels. Needless to say, it is vital to mention, they surveyed no body whom made a lot more than $75,000.
Just exactly What the study found is that prepaid debit cards, check-cashing solutions, rent-to-own stores, and pawn stores are employed by Millennials in approximately equal percentage, no real matter what their earnings level. A complete 51 per cent of participants said they utilized prepaid debit cards within the year that is last both in the underneath $25,000 team plus in the $50,000-$74,999 team. a various study, because of the nationwide Foundation for Consumer Credit Counseling, estimated that 13 percent of Americans use prepaid debit cards frequently. Think Finance could never be reached for touch upon its methodology.
“Stereotypes that paint users of alternate financial loans as bad and uninformed are merely maybe not accurate,вЂќ said Ken Rees, CEO of Think Finance, in prepared remarks.