March 23 2017
Millenials get financial products, credit cards, in one place--survey
TORONTO--Sheltered, confident, entrepreneurial, and tech-savvy: millennials may have been labelled many things, but according to a recent survey by Ipsos Reid, they tend to be loyal to their banks – sometimes to a fault.
Commissioned by LowestRates.ca, the survey shows millennials are most likely to stick with their primary bank, in addition to being the most likely to trust their bank to offer the best credit card. In fact, 77 per cent prefer having all of their financial products and credit cards with their primary bank, compared to only 60 per cent of gen-X'ers and 55 per cent of baby boomers.
Especially when it comes to credit cards, it can be worth comparing rates, offers, and rewards to get the one that meets your financial needs.
"We blindly trust the banks and we're not used to thinking beyond them. With credit card shopping, it comes down to awareness," says Justin Thouin, CEO, LowestRates.ca. "Millennials may feel they have less money to spend, so a typical rewards card won't benefit them. But they need to understand that there are other cards that can benefit them now — like low interest balance transfer — and their banks simply aren't giving them all the options."
Ninety-one per cent of Canadians agree that doing a little research before selecting a credit card can help them find the right one. But only half of Canadians are aware of a good resource to compare credit cards across different financial institutions.
"Choosing a credit card may seem like a small decision, but it's actually a very important financial tool that can help build your credit rating and manage your budget," says Thouin. "Adding a credit card to your wallet should be a big decision, but it shouldn't be a difficult process."
Other key findings:
> 58 per cent of Canadians listed low interest rates on balances among their top two important features for a new card. The same number said low annual fees were important.
> Two in five Canadians (39 per cent) believe it's important to apply for a card with a cash-back feature.
> One in seven Canadians (15 per cent) believe travel rewards are important.
Based in Toronto, ON, and founded in 2012, LowestRates.ca provides a free, independent service that helps consumers save time and money by comparing personal financial products from Canada's leading financial institutions.
These are some of the findings of an Ipsos poll conducted between February 14- 15, 2017 on behalf of LowestRates.ca Inc. For this survey, a sample of 1,001 Canadians from Ipsos' online panel were interviewed online. The poll is accurate to within +/ - 3.5 percentage points, 19 times out of 20, had all Canadian adults been polled.