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Personal Finance

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

Mobile banking is a convenient technique to handle your money on the go and will continue to develop in popularity. In fact, 54 % of consumers agreed they use digital banking equipment more today, due to the pandemic, than they did last year, in accordance with 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 in the press release.

It comes as no surprise that millennials and Gen Z are actually the two groups that are making use of mobile banking apps the most. The study noted that 99 % of Gen Z and 98 % of millennials use a mobile banking app for a broad range of tasks, including viewing account balances, examining their credit score and depositing an inspection. Boomers and gen X work with mobile banking apps less (86.5 % along with 69.5 %, respectively), though the people which do are still 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%

Regardless of the generational differences, mobile banking will not be going anywhere: Most financial institutions, including banks as well as bank card issuers, today 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 advantage, it is not always an one stop shop to managing your finances as it might possibly be confined to the accounts you have at one bank. If you have numerous accounts from various banks and want a holistic method to handle your money, consider creating a budget spreadsheet or enrolling in a budgeting app or money app as Mint or you Want a Budget.

In order to create the very own budget technique of yours with comparable functionality 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 costs for each expense
  5. Make adjustments