Millennials are gearing up for a cashless society. An ETA Transactions Trends survey found that only 21% of U.S. 23-34-year-olds can say that they’re mostly using cash for purchases—an 18% decrease from five years before—and a separate Viacom survey found that 33% of 17-36-year-olds predict they won’t need traditional banks within the next five years. While online banking will come with risks, including young consumers being “more detached” from their finances, and security issues, “new fintech players and challenger banks are designing services to cover their backs.” (International Business Times)
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