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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 handle your hard earned money on the go and continues to grow in popularity. In reality, fifty four % of people agreed they often use digital banking equipment more today, on account of the pandemic, than they did last year, according to the Digital Banking Attitudes Study by Chase.

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

It comes as no surprise that millennials plus Gen Z are the 2 groups who are utilizing mobile banking apps the best. The study noted that 99 % of Gen Z and 98 % of millennials use a mobile banking app for a wide range of tasks, such as viewing account balances, checking their credit score and depositing an inspection. gen X and Boomers work with mobile banking apps less (86.5 % and 69.5 %, respectively), though the ones that do remain 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%

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

While a mobile banking app is a great advantage, it’s not always an one stop shop to managing the finances of yours since it may be limited to the accounts you have at one bank. If you have multiple accounts from various banks and want a holistic technique to manage your money, consider creating a budget spreadsheet or maybe registering for a budgeting app or money app as Mint or else you Need a Budget.

To be able to create your very own budget process with similar functionality to an app, following these 5 steps:

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