Paul Martin's Business Update - May 27th, 2014

Paul Martin's Business Update - May 27th, 2014

For those of us old enough to know that Paul McCartney was in a band before Wings, the findings of this particular study may be a bit of a head scratcher. But for those born since 1981, it is simply natural.

A survey by BMO Bank of Montreal has revealed that Millenials – those young people born between 1981 and the end of the last century – are all about their mobile phone. In particular they do their banking on it.

The majority have financial apps on their smart phones – more than apps for news or sports – and they say it helps them keep abreast of their account balances and has led to a sharp reduction in the number of times they are overdrawn.

For those of us who are in the boomer generation, this has the feeling of discomfort. The security of an old fashioned check book or maybe even on-line banking is hard to replace but for young people the smart phone is the lifeline. They’d rather lose their keys or their wallets than be without a mobile phone.

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