Friday, September 07, 2018
When the Great Recession hit, Millennials in their early to late twenties were some of the most impacted. Faced with ballooning student loan debt and seemingly long-term unemployment, they started thinking more about the money they have and how to spend it. When the economy started to stabilize, their perspective on debt had changed entirely: Instead of incurring additional debt, they avoided it. With this new-found ideology, Millennials are choosing cash over plastic.
A survey by Bankrate.com found that young consumers preferred cash to credit and debit cards; that only one third of Millennials were found to carry a credit card. Of those, merely half used their cards at least once a week. Compare this to the 61% of seniors and you can see a tectonic shift in the way Millennials spend.
The reason is because youth in the 18 to 24 age range are just getting out in the world. They are either joining the job force with college degrees and debt, working on their degrees, or just starting school. They have very little, if any, income. Therefore, Millennials need to be resourceful and consider that purchases on credit only add to the debt they owe.
Cash, on the other hand, allows them to directly monitor their spending, side-steps merchant fees, and is more convenient than using popular peer-to-peer payment apps like PayPal and Venmo. Moreover, cash transactions are faster and far more simplistic than those done with card.
An ATM at your location opens your business up to a larger, younger group of potential customers while generating passive income. These customers are more likely to use cash for smaller value transactions because most of their purchases are small value. This means that you can continuously provide them with they cash they need while expanding your loyal customer base.
NationalLink processes over 15,000 ATMs throughout the entire United States, so we understand the importance of getting customers the cash they need. We have a variety of programs to help you get the machine that is right for your business. Our full suite of services includes:
Millennials need access to cash for their day-to-day purchases. Help them get the cash they need with an ATM from NationalLink.