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Personal Finance

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

Mobile banking is an easy technique to manage your hard earned money on the go and will continue to raise in popularity. In fact, 54 % of customers agreed that they use digital banking tools more today, as a result 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 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 actually the 2 groups who are making use of mobile banking apps the best. The study noted that 99 % of Gen Z as well as ninety eight % of millennials apply a mobile banking app for a wide range of activities, such as viewing account balances, checking their credit score and depositing an inspection. Boomers and gen X use mobile banking apps less (86.5 % as well as 69.5 %, respectively), although the individuals which 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%

Regardless of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and credit 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 an excellent asset, it’s not necessarily an one stop shop to controlling the finances of yours as it might possibly be limited to the accounts you have at one bank. If you have numerous accounts from various banks and are interested in a holistic method to manage the money of yours, consider building a budget spreadsheet or maybe registering for a budgeting app or money app as Mint or you Need a Budget.

To be able to create your own budget process 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 average month expenses for every expense
  5. Make adjustments