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Personal Finance

Millennials and Gen Z are the most likely to make use of mobile banking apps

Mobile banking is an easy method to manage your hard earned money on the go and continues to raise in popularity. In fact, fifty four % of people agreed that they often use digital banking equipment more today, on account of the pandemic, than they did year which is last, in accordance with the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually crucial for customers of all the ages to confidently deal with their finances,” Allison Beer, Head of Digital at Chase, said in the press release.

It comes as no surprise that millennials and Gen Z are the 2 groups who are using mobile banking apps the most. The study noted that ninety nine % of Gen Z as well as 98 % of millennials use a mobile banking app for a wide variety of tasks, such as viewing account balances, examining their credit score and depositing a check. Boomers and gen X work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), but the ones who do continue to be in the majority.

 

Consumers mobile banking app activities, by generation

Generation Total Gen Z Millennials Gen X Boomers
View account balances 86.5% 86% 89.5% 86.5% 78%
View account statements 68% 62% 73.5% 67% 61.5%
Transfer money between bank accounts 64% 65.5% 71.5% 60.5% 50%
Deposit checks 59.5% 58% 66% 54% 53.5%
Pay bills 49% 45.5% 53% 50% 40.5%
Check credit score 32% 28.5% 56.5% 30% 20%
Use peer-to-peer payments 24% 20% 31% 21.5% 14.5%
Use online chat to ask a question 16.5% 18% 27.5% 13% 12.5%
Create and track a budget 13.5% 25% 17.5% 9% 4%
View a forecast of monthly spending 13% 17% 18% 9.5% 4.5%
Create a savings goal and track progress 12% 21.5% 18% 5.5% 2%
Open a new bank account 9.5% 11.5% 12% 7% 5.5%

Despite the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks as well as bank card issuers, now provide customers with user-friendly mobile apps for their smartphones. The Chase Mobile app, for example, is designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great asset, it’s not always an one stop shop to controlling the finances of yours because it might possibly be limited to the accounts you’ve at one bank. If you’ve numerous accounts from various banks and would like a holistic method to handle your cash, think about building a budget spreadsheet or maybe signing up for a budgeting app or money app like Mint or you Need a Budget.

In order to create the own spending budget method of yours with comparable efficiency to an app, following these 5 steps:

  1. Calculate your net income
  2. List monthly expenses
  3. Label fixed and adjustable expenses
  4. Determine typical monthly charges for each expense
  5. Make adjustments