Nacha Research Shows 97% of Workers Ages 22-34 Have a Bank Account and 88% of Them That Are W2 Workers Use Direct Deposit

Direct Deposit Logo with background

New Ad Campaign Educates Gig Workers About Benefits of Direct Deposit

HERNDON, Virginia, Oct.19, 2022–A study commissioned by Nacha found the sizable majority of the nation’s younger millennials are paid by Direct Deposit but revealed a stark contrast between W2 employees and gig workers.

Overall, 97% of workers ages 22-34 have a bank or credit union account, with 83% receiving their pay by Direct Deposit. However, among W2 employees, 88% use Direct Deposit, while only 47% of gig workers are paid this way.

Of the respondents that receive Direct Deposit payments, more than three-quarters cite key attributes of reliability, trustworthiness, ability to be paid on time, security and ease of use.

“Among younger W2 workers, Direct Deposit is widely understood, used and appreciated,” said Jane Larimer, Nacha President and CEO. “There is an opportunity to educate younger gig workers on the value of Direct Deposit as a fast, convenient, reliable and environmentally-friendly way to receive their pay.”

“The study also found that ACH usage increases as workers progress in life when they are more likely to purchase a home or car, pay bills and save for retirement,” Larimer continued. “When factoring the entire millennial population, including those 35-40, ACH usage would be even greater than what was reported.”

Millennial workers can also appreciate Direct Deposit for receiving other payments, including tax refunds and government benefits, app-based payments, travel and expense reimbursements, and bonuses and commissions. They can also benefit by using ACH for expenses (known as Direct Payments), including loans, rent and mortgage, utilities, credit cards and insurance premiums.

Other key findings from the research on American workers ages 22-34 included:

  • 71% keep their money primarily in a bank account – almost all have deposit accounts, and the vast majority have savings accounts.
  • 7-in-10 use Direct Payment for bill payments at least once a month.
  • 56% of gig workers still primarily store their money in bank accounts, but the remainder store it in other non-bank payment app alternatives.
  • The top use cases for Direct Deposit are salary/wages (82%) and taxes/other refunds (53%).
  • Among those with Direct Deposit, the top three use cases for paying bills with Direct Payment are utilities (53%), rent/mortgage (48%) and credit cards (44%).

Based on the research, Nacha has launched a campaign to educate younger millennial gig workers on the value of Direct Deposit. The campaign page can be found at

About the Study

The nationwide survey by Quadrant Strategies was conducted from April 14, 2022, to May 1, 2022, on behalf of the Nacha. The survey was conducted online among 700 American adults, ages 22-34, who are either W2 employees and/or gig economy workers. The margin of error was plus or minus 5.24%.

About Nacha

Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. More than 29 billion ACH Network payments were made in 2021, valued at close to $73 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.

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