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Personal Finance

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

Mobile banking is a handy way to manage your hard earned money on the go and continues to develop in popularity. In fact, fifty four % of customers agreed they often use digital banking equipment more now, as a result of the pandemic, than they did last year, based on 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 to the press release.

It comes as no surprise that millennials plus Gen Z are the 2 groups who are making use of mobile banking apps the most. The study found that 99 % of Gen Z and ninety eight % of millennials work with a mobile banking app for a wide variety of activities, such as viewing account balances, checking the credit score of theirs and depositing a search. gen X and Boomers work with mobile banking apps less (86.5 % and 69.5 %, respectively), however, the individuals who 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%

Regardless of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and charge card issuers, today offer customers with user-friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is actually designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent asset, it’s not always a one-stop shop to managing the finances of yours since it might be limited to the accounts you’ve at one bank. In case you’ve multiple accounts from different banks and are interested in a holistic technique to handle your cash, think about creating a budget spreadsheet or perhaps enrolling in a budgeting app or money app as Mint or perhaps you Need a Budget.

To be able to create your very own spending budget process 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 typical month expenses for each expense
  5. Make adjustments

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