How tech helps Gen Y with finances

Millennials’ dependence on mobile devices has an impact on how they view finances, says a report from BMO.

Read: How millennials will affect your stocks

Millennials are spending more time on their device per month (78.4 hours) than watching TV (72.8 hours), says the report. One-third of respondents would rather lose their wallet than their device.

Read: 5 ways to understand millennial clients

This reliance on mobile devices has increased the demand for mobile banking. Six in ten respondents use mobile banking weekly and because of this, feel they are more financially literate. And 85% of respondents say they are in better control of spending because of mobile banking — 82% pay their bills on time more often.

Read: Millennials invest early, think long term

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.