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Millennials Are Saving, But Not For Retirement

Bank Innovation

The millennial generation is saving money—just not to leave the work force. The majority of millennials, at 63%, are saving towards their “desired lifestyle” rather than towards retirement goals, according to the Spring 2017 Merrill Edge Report by Bank of America, released on Friday.

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Millennial Small Business Owners Are Most Optimistic About 2018 Growth, BofA Survey Says

Bank Innovation

The most optimistic owners are millennials, according to data from the Bank of America Fall 2017 Small Business Owner Report. The survey of about 1,000 small businesses, released last week, found that the majority of millennial entrepreneurs (81%, the survey […].

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Things worth reading: 13th October 2017

Chris Skinner

The new HSBC boss knows the business inside out UK banks plan biggest squeeze on consumer credit since 2008 Lloyds Bank swoops on Zurich’s UK pensions and savings business Equifax removes webpage after malware issue JPMorgan’s card gamble lures millennial … The post Things worth reading: 13th October 2017 appeared first on Chris Skinner's (..)

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Millennial Investors Are Not Over the Financial Crisis

Bank Innovation

Most investors still count themselves as “influenced” or “strongly influenced” by the events of the financial crisis, according to the Legg Mason 2017 Investment survey released recently. Millennial investor habits were most strongly affected, the survey of more than 15,000 global investors […]. Think again.

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Millennial-Focused Digital Bank Empower Finance Raises $20M

PYMNTS

San Francisco-based Empower Finance, a mobile banking app aimed at helping millennials save wealth, has raised $20 million in a Series A funding round led by Defy Ventures and Icon Ventures, according to a report. The company, which was founded in 2017, is run by a former Sequoia Capital partner named Warren Hogarth.

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It’s Time to Stop Ignoring the Millennial HomeBuyer, Better Mortgage Growth Suggests

Bank Innovation

EXCLUSIVE— Digital mortgage company Better Mortgage has displayed rapid growth over the last year, originating $157 million in mortgages during 2017: a 1500% increase from the $10 million it originated in 2016.

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Wells Fargo Shuts Millennial-Friendly App ‘Greenhouse’ To New Clients

PYMNTS

Wells Fargo appeared to aim Greenhouse at younger consumers or others with little traditional banking involvement when the bank unveiled the app in 2017. Millennial-Banking Apps Are Struggling. If there isn’t, look for more banks to discontinue their millennial-focused apps. Wells Fargo did not provide further details.