Millennials use alternative financial services

Source: Hadley Malcolm, USA Today

Payday loans, check cashing and prepaid debit cards have found a new customer in the cash-strapped twentysomething. Under-banked Millennials are using alternative financial services such as these at similar rates regardless of income level, according to a survey out today by Think Finance, which develops financial products for the under-banked. Half of those in the lowest income group surveyed, earning less than $25,000 a year, said they used a prepaid debit card in the past year. That was the same percentage as the highest income bracket — $50,000 to $74,999 a year — says the survey of 640 under-banked Millennials.

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