Categories
Personal Finance

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

Mobile banking is a handy technique to manage the money of yours on the go and will continue to raise in popularity. The truth is, 54 % of consumers agreed they often use digital banking tools more now, as a result of the pandemic, than they did year which is last, in accordance with 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 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 actually the 2 groups who are making use of mobile banking apps the best. The study noted that 99 % of Gen Z and 98 % of millennials apply a mobile banking app for a broad range of activities, such as viewing account balances, checking the credit score of theirs and depositing a search. Boomers and gen X work with mobile banking apps less (86.5 % along with 69.5 %, respectively), however, the people who do are still 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 bank card issuers, now offer clients with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is available to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good asset, it’s not necessarily a one-stop shop to controlling your finances as it might possibly be limited by the accounts you have at one bank. In case you’ve multiple accounts from different banks and would like a holistic technique to handle the money of yours, think about creating a budget spreadsheet or maybe registering for a budgeting app or money app like Mint or else you Need a Budget.

To be able to create your own spending budget process with similar efficiency 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 costs for each expense
  5. Make adjustments