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Millennials & Money's Relationship Status?

SEPT. 26 2017 | by LendingArch Author

Millennials & Money's Relationship Status?

It’s Complicated.

The millennial generation has made its mark on mainstream culture, but what about when it comes to personal money management? Lack of financial awareness, ease of access to credit (in some cases, not the good kind), underemployment, technological reliance, erosion of the university degree, and a number of other factors have had a significant effect on the value placed on money by this generation and how they manage it.

Consumer debt in Canada has been steadily on the rise, with our debt to income ratio reaching levels never seen before. On average, we have extended ourselves over a dollar and sixty cents for every dollar of income earned in a year. Considering these elements, education around financial advancement and managing consumer debt is more critical than ever before.

The Facts | Millennials’ Perception on Money

  • 33% of Millennials believe they won’t need a bank at all in the near future
  • Nearly half are counting on tech start-ups to overhaul the way banks work and don’t think their bank offers anything different than other banks.
  • 73% would be more excited about a new offering in financial services from Google, Amazon, Paypal, or Square than from their own nationwide bank.
  • 71% would rather go to the dentist than listen to what banks are saying.

And we don’t blame them! Nobody wants to deal with the pitfalls of having credit card debt and encountering long lines, paperwork processes, and the headaches associated with the negative side of the bank, who will often judge you as a three digit credit score and account number, rather than the person you are.

We are here to help.

We know you are trying and doing the best you can. By simplifying the lending process, providing educational resources around financial advancement, and circumventing antiquated banking processes, we allow you to fund yourself quickly and easily. Get started today by filling out our online loan application in order to consolidate debt or pay off credit card balances . We offer superior loan options and flexibility, no minimum credit score, and more, we see you for your future potential and base lending on your financial persona.