Roughly 5 million millennials do not have a checking account and are choosing unconventional banking options more than any other generation.

The same study — by The Center for Generational Kinetics and Global Cash Card — that produced the above findings also determined that the reason behind them is a distrust in banks, cited by 48 percent of millennials surveyed.

The study, "New Financial Reality: The Rise of Non-Traditional Wage Management," revealed that pay cards are viewed by this generation as a viable and beneficial solution to avoid traditional banking methods.

One-third of millennials — more than 29 million workers — found the concept of a paycard valuable; 64 percent said paycards should be offered by employers.

While choice of payment type was part of the appeal, pay cards were also identified as having a positive effect on financial habits.

Three-quarters of current users of pay cards described them as a tool that helps them save for retirement; roughly one-third of millennial workers — more than 18 million people — expect this would be the case if they received their wages on a pay card as well.

"The landscape of personal finance management, including pay, is shifting dramatically, and that change is being led by millennials," said Jason Dorsey, a researcher at the Center for Generational Kinetics. "In order to attract the best talent and meet the needs of this generation entering the workforce in record numbers, employers must embrace alternative payroll options."