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Personal Finance

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

Mobile banking is an easy way to manage your hard earned money on the go and will continue to grow in popularity. In reality, 54 % of people agreed they use digital banking tools more today, 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 actually crucial for consumers 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 the two groups who are making use of mobile banking apps the most. The study noted that ninety nine % of Gen Z as well as ninety eight % of millennials work with a mobile banking app for a wide range of activities, such as viewing account balances, examining the credit score of theirs and depositing a check. gen X and Boomers work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), though the individuals that 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 isn’t going anywhere: Most financial institutions, including banks as well as bank card issuers, now provide clients with user friendly mobile apps for the smartphones of theirs. 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 a great asset, it is not necessarily a one-stop shop to controlling the finances of yours since it might be limited to the accounts you’ve at one bank. In case you’ve a number of accounts from diverse banks and want a holistic technique to manage the money of yours, think about creating a budget spreadsheet or perhaps signing up for a budgeting app or money app as Mint or else you Need a Budget.

To be able to create the own budget process of yours with similar 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 charges for every expense
  5. Make adjustments