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Microsoft survey reports ‘millennial gen’ find little trust or optimism in financial institutions

Of the estimated 80 million people that make up the “millennial generation,” only half report they’re currently planning to invest in the stock market, savings accounts or 401(k)s, according to Microsoft’s “Millennials in Financial Services” survey, conducted by KRC, found that millennials born between 1981 and 2000 have less trust in banking and investment firms since the bailouts of AIG and global banks a year ago. Millennials surveyed also believe that the U.S. financial industry is out of touch with the way they would like to communicate with their financial institutions. Based on the findings, millennials would prefer to communicate with their financial institutions through new channels including live online chats with banking representatives, personalized Web portals and financial applications for smartphones.

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