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Millennials — wary of amassing debt and overdrafting their accounts — think about budgeting differently than previous generations and are turning to tools, like prepaid cards, to manage their spending.

The cohort is more likely than the general population to give themselves an allowance, for example, or hide cash from themselves to avoid overspending, on top of more common savings techniques like using coupons and shopping at discount stores, according to a study by TD Bank that surveyed 1,300 people from various age groups.

“Millennials have different financial needs than other consumer bases,” said Tami Farrow, senior VP-head of retail deposit payments at TD Bank. “The younger you are, the more the likelihood that you have emerging financial needs that require a different set of tools.”

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