Millennials turning more financially savvy

Comprehensive credit bureau and information solutions provider TransUnion Philippines said more millennials are now financially savvy due to their ability to access services with the existence of technology.

TransUnion said millennials accounted for nearly 60 percent of the number of new-to-credit accounts opened in 2017 from 40 percent in October 2013.

Pia Arellano, president and chief executive officer of TransUnion Philippines, said millennials are now at a stage in their professional careers where they have the ability to access services that can help them with their finances.

“The existence of technology that enables them to be aware of such services, coupled with the ease by which they can apply, results in them having more drive in gaining credit and the many benefits it can bring to their economic lives,” Arellano said.

New-to-credit accounts are consumers who have no borrowing or payment history from loan facilities such as credit card accounts or personal, auto, or mortgage loans.

Banked individuals with checking or saving accounts, but without loans or a credit history in TransUnion’s database are also considered NTC.

This increase in demand for financial services amongst millennials is a result of a number of converging factors.

Technology is a major driving force in the awareness and use of financial services today, with young professionals looking to benefit from their improving finances and the access to additional services and products it brings.