Here’s a wake-up call: 54% of people say fees are the top reason they’d switch banks. It’s not just about the money it’s about feeling like their financial institution is working with them, not against them. This hits different generations in completely different ways, and understanding that is crucial. 

Millennials are getting hammered from all sides. Many are still paying off student loans, dealing with high housing costs, and get this 66.2% of employed millennials have zero retirement savings. For them, every bank fee feels like money stolen from their future. They’re looking for a financial partner that will help them get ahead. It makes sense when you think about it; they’re the sandwich generation, paying for kids’ college while also helping aging parents. Banking fees are just another financial pressure they don’t need. Meanwhile, Boomers are more interested in maximizing what they’ve already saved. They want those interest-bearing checking accounts (44% ranked this as a priority) because they expect their money to work for them. 

The solution isn’t necessarily eliminating all fees, but it’s definitely about being transparent and fair. 

Download the full report to learn what it takes to build trust, reduce churn, and create meaningful experiences across every generation.