Deposits Insights: Rise of the Millennial Saver
The twin blows of the fallen rate environment and the COVID-19 pandemic have rocked the savings world. Consumers, primed by need and falling rates, have become far more rate sensitive and open to moving funds than any time in recent history.
Institutions now face a margin crunch to go along with retention risk. Navigating rising consumer expectations will require a keen understanding of the most rate-sensitive populations. This study, conducted several months into the pandemic, considers how consumers have managed their savings in light of the pandemic and the rate environment.