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Personal Finance

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

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

“The pandemic has demonstrated that digital banking is actually essential for consumers 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 2 groups who are utilizing mobile banking apps the most. The study discovered that 99 % of Gen Z and ninety eight % of millennials use a mobile banking app for a wide range of activities, such as viewing account balances, examining the credit score of theirs and depositing an inspection. Boomers and gen X work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), but the ones which do continue to be 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%

Regardless of the generational differences, mobile banking will not be 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 available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great asset, it is not necessarily a one-stop shop to managing your finances because it might be limited by the accounts you’ve at one bank. If you have multiple accounts from diverse banks and would like a holistic way to manage the money of yours, think about creating a budget spreadsheet or maybe registering for a budgeting app or money app like Mint or else you Need a Budget.

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

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