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Personal Finance

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

Mobile banking is a convenient technique to handle the money of yours on the go and continues to grow in popularity. In fact, 54 % of consumers agreed they normally use digital banking tools more now, as a result of the pandemic, than they did year that is last, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is essential for buyers 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 actually the 2 groups that are utilizing mobile banking apps the best. The study noted that 99 % of Gen Z and 98 % of millennials use a mobile banking app for a wide range of tasks, including viewing account balances, checking their credit score and depositing an inspection. gen X and Boomers work with mobile banking apps less (86.5 % along with 69.5 %, respectively), although the ones that 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 is not going anywhere: Most financial institutions, including banks and bank card issuers, now offer customers with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good advantage, it’s not necessarily an one stop shop to managing your finances as it might be limited by the accounts you’ve at one bank. If you’ve a number of accounts from different banks and want a holistic technique to manage the money of yours, consider building a budget spreadsheet or signing up for a budgeting app or money app like Mint or perhaps you Want a Budget.

To be able to create the very own spending 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 variable expenses
  4. Determine typical monthly charges for every expense
  5. Make adjustments

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