Use of reloadable cards surging among millennials

By  and 

Ownership of general-purpose reloadable cards is surging among millennials, a study by the Federal Reserve Bank of Philadelphia finds.

While ownership of the cards is increasing across most age groups, none compares to consumers in the 18-32 age bracket -- the millennial generation. There was an 11 percent increase from August 2012 to the same period in 2013 for millennials, meaning almost half of millennials had these cards in August 2013. Use among those in the next-oldest age group, Generation Xers ages 33-48, increased by 8 percent during the same period to 35 percent.

Only consumers age 68 and up remained unchanged, at 4 percent. Baby boomers, ages 49-67, only increased by 2 percent to 18 percent in August 2013.

"Millennials with Money: A New Look at Who Uses GPR Prepaid Cards" was published by the Federal Reserve Bank of Philadelphia and Phoenix Marketing International in September 2014. It looked at reloadable prepaid cards that, as their name implies, can be used at any merchant anywhere that accepts cards in that card's network. Some 4,201 adults who were identified as financial decision-makers were polled in August 2013 and compared to 4,200 adults polled in August 2012.


Millennails flock to prepaid cards

See related: Debt reduction consumes millennials' budgets, More infographics

To use the graphic on your site, use the following code:

 <center><a href=""><img alt="Use of reloadable cards surging among millennials" border="0" src="" /></a> </center>

Published: November 6, 2014

Join the discussion
We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.

The editorial content on is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.

Follow Us

Updated: 10-22-2016

Weekly newsletter
Get the latest news, advice, articles and tips delivered to your inbox. It's FREE.