Categories
Personal Finance

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

Mobile banking is a convenient technique to manage the money of yours on the go and continues to raise in popularity. In reality, 54 % of consumers agreed that they use digital banking tools more now, due to the pandemic, than they did year that is last, according to the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is essential 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 plus Gen Z are actually the two groups who are making use of mobile banking apps the most. The study found that ninety nine % of Gen Z and 98 % of millennials work with a mobile banking app for a broad range of projects, including viewing account balances, checking their credit score and depositing a search. gen X and Boomers work with mobile banking apps less (86.5 % along with 69.5 %, respectively), but the people who do remain 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%

Inspite of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and bank card issuers, today offer customers with user friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good advantage, it is not necessarily a one-stop shop to controlling your finances since it may be limited to the accounts you’ve at one bank. If you have a number of accounts from different banks and want a holistic technique to handle your hard earned money, consider creating a budget spreadsheet or perhaps enrolling in a budgeting app or money app like Mint or you Need a Budget.

In order to create your very own budget technique with comparable 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 month charges for each expense
  5. Make adjustments