Millennials have begun to take over the workplace. Pew Research indicates that workers between ages 18 and 31 constitute approximately 33% of today's workforce. As older generations reach retirement age, those numbers are expected to rise to 75% by 2030. Along with other distinctive changes wrought by America's largest living generation, Millennials are changing workplace culture by expecting more amenities in the workplace … including being able to do their banking at online and having access to ATMs at work.
Millennials are work martyrs who routinely work longer hours and use less vacation than co-workers belonging to older generations, according The Harvard Business Review. A recent study by researchers at Melissa Data found that relocating for a job is more common among Millennials than any other generation, and more than 50% have moved within the last two years. In an uncertain economy, workers are flocking to urban areas in search of better jobs and better wages.
Millennial’s banking habits
Interestingly, the TD Bank Checking Experience Index reported that only 24% of Millennials change primary bank accounts when they move. That may be because banking is not one of the amenities Millennials seek out close to their homes, preferring instead to conduct business online. Consequently, online banking has become popular as a financial management tool with this generation. At least 81% of Americans have done their banking online at one time or another, and alternative methods, such as PayPal and Google Wallet, are increasingly becoming more popular.
Millennials use cash more than any other demographic
However alternative payment methods such as PayPal aren’t the only payment choices Millennials use. According to the Federal Bank of San Francisco’s 2015 Diary of Consumer Payment Choice, Americans between the ages 18 and 24 used cash more than any other demographic. In 2014, Millennials used cash 38% of the time and 32% showed a preference to cash over debit or credit cards, checks, and online payments.
All consumers value banking solutions that are convenient to their lifestyles, and ATMs offer quick cash and a range of options that are easy for busy Millennials. Like all technology in the last two decades, ATMs have advanced by leaps and bounds, and Millennials grew up using ATMs. Going into a financial institution is not always an option; ATMs provide services that can be accessed 24/7, making them the preferred way to easily obtain cash.
Considering the urban geographical preference for Millennials and their banking habits, it is clear that having an ATM available at work would benefit the average Millennial and the companies that want to keep them as employees.
ATMatWork provides surcharge-free ATM solutions for employees. One of the hottest new HR benefits being offered by employers, having an ATM on-site saves employees time and money, keeps staff at work and provides a convenient and safe environment for employees to do their banking.
Now offering an Allpoint surcharge-free ATM option, transactions are free for employees who use some of the most popular pay cards and bank at the more than 1400 financial institutions that are part of the network.
And, best of all the ATM is hassle free and in most cases is less than what you pay in insurance for one employee a month.