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Majority of Gen Y Men have Largest Account Balances in a Bank, League Survey Finds
Friday, August 2, 2013 6:00 AM

Largest Account Balance

According to a survey conducted by the Cornerstone Credit Union League’s research team, 81 percent of Gen Y men and 74 percent of Gen Y women have their largest account balances in a bank. Joining them are 57 percent of Gen X men and 56 percent of Gen X women. Some 29 percent of credit union members have their largest account balances in a bank.

That same research found that 41 percent of credit union members have their largest accounts with the credit union. Additionally, 25 percent of Gen X women also keep their largest accounts with the credit union.

The research also found that very few keep their largest accounts with an online bank, with 8 percent of Gen X men leading the pack.

In a mutual fund, only 14 percent of Boomer men and 11 percent of Silent generation men keep their largest account balances in a mutual fund. Twenty percent of Boomer men, 19 percent of Silent generation men, and 13 percent of Silent generation women keep most of their money with a stock broker.

The research also found that 26 percent of Silent generation men and 17 percent of Silent generation women keep their money with an investment manager.

Only 2 percent of the polled population indicated they were unbanked, contrary to national statistics.