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Personal Finance

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

Mobile banking is a handy method to manage the money of yours on the go and continues to raise in popularity. The truth is, 54 % of people agreed they use digital banking tools more today, on account of the pandemic, than they did year that is last, based on the Digital Banking Attitudes Study by Chase.

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

It comes as no surprise that millennials and Gen Z are actually the two groups who are utilizing mobile banking apps the most. The study discovered that 99 % of Gen Z and ninety eight % of millennials work with a mobile banking app for a broad range of activities, such as viewing account balances, checking the credit score of theirs and depositing an inspection. Boomers and gen X use mobile banking apps less (86.5 % along with 69.5 %, respectively), but the ones that do are still in the vast 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%

Inspite of 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 instance, is actually designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good asset, it is not necessarily an one stop shop to controlling your finances as it might be limited to the accounts you’ve at one bank. In case you’ve a number of accounts from various banks and are interested in a holistic way to handle your hard earned dollars, think about setting up a budget spreadsheet or enrolling in a budgeting app or money app like Mint or else you Want a Budget.

To be able to create the own budget method of yours with comparable functionality to an app, following these five steps:

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