Are you doing all you can to attract and retain younger accountholders in order to strengthen the future of your institution?
Always relying on the most recent data to help our clients, Haberfeld calculated cross-client age demographics for retail checking accounts. The study analyzed portfolio and one-year openings for 120 client institutions to create a robust composite Haberfeld client average.
What we found is that Haberfeld clients—whose data are remarkably similar across financial institutions—saw half of those one-year openings come from individuals age 44 and younger. What does this mean for our current and future client institutions? Put simply, the large number of openings among younger age brackets will help to prevent the aging of their overall portfolios in the years to come.
