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Financing Millennials in Developing Economies: Banking Strategies for Undergraduate Students
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Author(s): Bernardo Amezcua (Universidad Autonoma de Coahuila, Mexico), Alicia De la Peña (Universidad Autonoma de Coahuila, Mexico), Arturo Briseño (Universidad Autonoma de Tamaulipas, Mexico), Alfredo Sánchez-Aldape (Universidad Autonoma de Tamaulipas, Mexico), Juana María Saucedo-Soto (Universidad Autonoma de Coahuila, Mexico)and Alicia Hernández-Bonilla (Universidad Autonoma de Coahuila, Mexico)
Copyright: 2021
Pages: 23
Source title:
Research Anthology on Personal Finance and Improving Financial Literacy
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-7998-8049-3.ch016
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Abstract
Young millennials (i.e., 18 to 24 years old) are not a primary market for the traditional banking system, especially in emerging economies. Despite the fact that almost 30% of college students have partial jobs, economic resources are limited and access to finance seems utopic. Banking services throughout the world but especially in growing economies do not fully serve students because of their lack of resources. Whether to pay for college studies or clothing, dinner or a weekend vacation, young millennials do not expect to receive banking credit from the big bank brands. In fact, this market segment is served by the retail industry with their own credit programs and financial services. In this chapter, the authors explore how young millennials have access to savings and credit, their spending behavior, their attitudes towards traditional sources of finance, and their financial inclusion and literacy. They also conducted an empirical exploratory study among college students in Mexico to hear firsthand how they managed their finances.
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