If you were asked to paint a portrait of the modern young adult, most people would list traits such as Smartphone-fanatics, financially irresponsible, perhaps even self-centered. But Visa’s recent survey ‘Connecting with the Millennials’, discovered that these young people are in fact family-centered, aspiring entrepreneurs and financially savvy. The millennials we spoke to save on average up to 32 percent of their income. This can be converted to annual savings valued at USD $300 billion. That is almost on par with the GDP for the United Arab Emirates – an oil exporting nation!
And the best news is? They love using their cards and in particular, their debit card. It keeps them on track financially, they like the convenience of paying bills using their card and a massive 70 percent do so because they don’t want the hassle of carrying cash around with them.
See the infographic below for more on their spending power and why cash is passé for today’s young consumers
For more on the survey visit www.visa-asia.com/millennials
Posted by: Jag Mistry, Corporate Relations, Visa Inc. on September 25, 2012 at 9:52 am