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A comparison of Financial Habits among different age groups

Gathering insights from responses by 31 people from different age groups and states.

Photo of Nirja Shah
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This survey was a team effort by me and my colleagues Sara, Qyana and Caner. We sent out the survey link to friends, family and anyone else who would have been able to provide valuable inputs. 

Following are some key takeaways from the survey results: 

  1. People over 30 generally have 2-3 credit cards based on their economic conditions. From our survey result, 22 respondents had 2 or 3 credit cards
  2. Out of 31 respondents, we had 17 people who were aged between 20 to 30 years. Thus it is considerable that we had 25 respondents saying online banking services were most essential to them. At the same time, we had 14 people with a majority aged between 30-50 years, who thought customer service was most essential to them. 
  3. When asked about their retirement plans, most elder adults had no plans for retirement as of now or wished to work part-time. 
  4. We had a question which asked the respondents to describe their experience at the bank as pleasing/frustrating. We got 24 responses and I was surprised to find that 12 people were actually pleased, 2 were indifferent and there were 10 people who complained about the long lines and found it frustrating
  5. During my secondary research I had read a lot about Financial scams and thus I was surprised to find out that almost 90% of the respondents felt that online banking was 'safe'. This could be a consequence of the fact that 65% of our respondents were aged between 20-40 years. 
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What is a provocation or insight that might inspire others during this challenge?

People are increasingly going online, but they still prefer human contact and the personalised touch. There are more people using their own bank's applications as opposed to third-party applications like Venmo and Square Cash.

Tell us about your work experience:

I recently interned at a Talent Acquisition Startup during the summer. I'm a full-time student pursuing Master's in Management of Technology.

Specifically, please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

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Photo of Kate Rushton

Thank you for your post and all your research, Nirja! What was the age of the older adults referred to in this statement? - 'When asked about their retirement plans, most elder adults had no plans for retirement as of now or wished to work part-time.'

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Photo of Nirja Shah

Hi Kate! Those adults were typically in 40-50 and 50-60 range.