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Personal Finance

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

Mobile banking is a handy way to handle your cash on the go and will continue to raise in popularity. In reality, 54 % of consumers agreed they often use digital banking equipment 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 ages to confidently manage their finances,” Allison Beer, Head of Digital at Chase, said in the press release.

It comes as no surprise that millennials plus Gen Z are the 2 groups that are making use of mobile banking apps the most. The study noted that 99 % of Gen Z and ninety eight % of millennials apply a mobile banking app for a broad range of projects, such as viewing account balances, examining the credit score of theirs and depositing a check. gen X and Boomers use mobile banking apps less (86.5 % as well as 69.5 %, respectively), though the individuals who do continue to be 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 will not be going anywhere: Most financial institutions, including banks as well as charge card issuers, now provide customers with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is actually available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great advantage, it is not always a one-stop shop to controlling the finances of yours because it may be limited by the accounts you have at one bank. If you’ve a number of accounts from various banks and are interested in a holistic way to manage the money of yours, think about creating a budget spreadsheet or enrolling in a budgeting app or money app as Mint or perhaps you Need a Budget.

To be able to create the very own budget process of yours with similar efficiency to an app, following these five steps:

  1. Calculate your net income
  2. List monthly expenses
  3. Label fixed and adjustable expenses
  4. Determine average month costs for each expense
  5. Make adjustments

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