Older bank customers have greener and more social attitude than younger generations

While a bank’s contributions to a resilient society, social inclusion and sustainability are appreciated across all generations of bank customers, the older generations rate these aspects slightly higher (see Figure 1). 

Secure and resilient society

Different generations have various expectations of banks’ contributions to a safe and resilient society. While bank customers from Generation X (born between 1956 and 1970) and the Pragmatic Generation (born between 1971 and 1985) find it important for banks to contribute to a secure and resilient society, their expectations are slightly less pronounced that those of previous generations. Bank customers from the Silent Generation (born before 1940) and Baby Boom Generation (born between 1940 and 1955) assign much greater value to these aspects, most notably to their bank’s contributions to protection of citizens and firms against cyber crime and military threats. Such contributions could include lending to firms in the defence industry on favourable terms. Likewise, they particularly expect banks to crack down on money laundering and terrorist financing.

Taken for granted

Millennials (born between 1986 and 2000) and Gen Z bank customers (born between 2001 and 2015) also appreciate their bank’s contributions to a secure and resilient society, but seem to take these efforts for granted.

These generational differences could be a matter of life experience – customers who have gone through periods of armed conflict, the cold war or financial instability tend to attach greater value to peace and security. Nevertheless, the current geopolitical tensions show that resilience against cyber crime and military threats has lost none of its relevance today, for all generations.

Inclusive banking services

Older generations are also more outspoken in a social context. Bank customers from the Silent Generation and Baby Boom Generation find it very important for banks to ensure access to their financial services for everyone, including customers with limited digital skills. Customers in these generations have grown accustomed to personal service and would not like to see less digitally proficient people left in the cold. Millennials and Gen Z customers do not rate their bank’s efforts in this area as particularly important. Feeling completely at home in the online world, they typically consider financial and digital inclusiveness as a given. In terms of appreciation of inclusive banking services, the Pragmatic Generation and Generation X occupy the middle ground. While they assign importance to accessible banking services and personal support, they are slightly less pronounced than the Silent Generation and Baby Boomers.

Sustainability: broad support

A similar pattern can be seen with respect to sustainable banking. While banking customers from all generations appreciate "green banks”, which take account of nature and climate, the Silent Generation and the Baby Boom Generation rate them slightly higher.

Trust forms the cornerstone

Lastly, bank customers from all generations agree that a bank’s core tasks must be safeguarded and must at all times be given priority over new commitments to society. Without exception, they agree it is of utmost importance that they always have access to their savings, that payment systems operate smoothly and that their bank data are safe and secure. It is the adequate execution of these basic banking services that forms the cornerstone of their trust in banks.

Want to know more? Read about all survey results and recommendations in our report “From Silent Generation to Gen Z: Who Appreciates a Social and Sustainable Bank Most?”.