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Personal Finance

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

Mobile banking is a convenient method to manage the money of yours on the go and will continue to develop in popularity. In reality, 54 % of people agreed they use digital banking equipment more today, on account 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 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 ninety nine % of Gen Z as well as ninety eight % of millennials work with a mobile banking app for a wide range of projects, such as viewing account balances, checking the credit score of theirs and depositing a search. Boomers and gen X use mobile banking apps less (86.5 % and 69.5 %, respectively), although the individuals which do continue to be 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 will not be 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 example, is designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good asset, it’s not always an one stop shop to controlling your finances because it may be limited by the accounts you’ve at one bank. If you’ve numerous accounts from diverse banks and are interested in a holistic way to manage your cash, think about setting up a budget spreadsheet or perhaps registering for a budgeting app or money app like Mint or perhaps you Need a Budget.

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