Millennials are more likely to use prepaid cards than any other age group.

• Position: MARKETING NEWS

PREPAID CARDS ARE MORE POPULAR AMONG MILLENNIALS than any other generation, according to a new survey conducted by TD Bank, Cherry Hill, N.J.

The bank polled more than 1,300 Americans--including some who currently use reloadable prepaid cards and some who don't--to gain insight into consumers' attitudes toward and experiences with the cards. It found that one-quarter of Americans (25 percent) either currently use or have used a reloadable prepaid card in the past two to three years, but among millennials (ages 18 to 34), this proportion jumps to one in three (33 percent).

Additionally, the survey found that of millennials who don't currently use a reloadable prepaid card, 60 percent would consider using one, compared with 49 percent of the overall population. Among boomers (ages 55+), this percentage drops to 34 percent.

"We know from our continued research that millennials favor debit cards and want to avoid overspending", says Tami Farrow, senior vice president and head of retail deposit payments. "Prepaid cards provide all the flexibility of a debit card, but with the added control of only spending what you load."

Who's using reloadable cards

In addition to millennials, consumers who have...