The study by comparison site uSwitch.com found that 26 per cent of 18-34 year olds still use their childhood bank account even though just 32 per cent believe their bank offers products to help them deal with the financial challenges faced by their generation.

Many have never used key products offered by their banks, with a fifth (22 per cent) having never deposited a cheque and 62 per cent not taking advantage of the mortgage services on offer.

Instead, millennial customers are looking for easy to digest advice to help them with their short and long-term financial goals. Their wish list includes help with how to improve their credit history (20 per cent), clear information on savings and pension products (20 per cent), as well as general advice on how to better manage their money (20 per cent).

Young people are also looking to their banks to help them stay on top of their monthly outgoings, with more than two thirds (67 per cent) saying they would like to be alerted via their banking apps for higher than expected bill payments and automatic blocks if card transactions take place in a different location to their phone (65 per cent).

Millennials also rated online services as more important than customer service, and almost one in ten chose their bank because of its mobile service. Young people are more annoyed by poor mobile services offered by their bank, than by not having a local branch.

Their preference for the virtual over the real world is reflected by the fact that almost a quarter (24 per cent) of young people believe tech companies such as Google, Apple and Amazon would do a better job than their bank. A further 18 per cent would place supermarkets above banks for offering relevant products for their generation.

Nicolas Frankcom, money expert at uSwitch.com said: “This research exposes a contradiction: young people clearly don’t feel that banks meet their needs, yet many remain tied to the bank they joined as a child. But thanks to seven-day switching, it’s quicker and easier for millennials to find a bank that offers what they’re after.

“Millennials have unique needs, and so far, most banks seem to be missing the mark when it comes to catering for these. The banks must work harder, with more innovation around relevant products and services if they are to attract the custom of this generation. If they don’t, someone else will – our research already shows that tech giants like Google Apple and Amazon are emerging as credible alternatives for younger consumers.”

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