So this comment made me curious, so I did a little looking, and according to the authors LinkedIn, he went to college in 1990, therefore he was most likely born around 1972, which means he wouldn’t be a millennial. So it looks like you’re correct, in this case at least, it’s not a millennial thing.
Plus, even if he really doesn’t have an account, then that’s worrisome as well because if you’re struggling to pay for your kids tuition, that raises concerns about being more susceptible to bribery. That’s why one of the things they look into when you get clearance is are you struggling financially.