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Personal Finance

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

Mobile banking is a handy way to manage your hard earned money on the go and continues to raise in popularity. The truth is, fifty four % of consumers agreed they normally use digital banking equipment more today, due to the pandemic, than they did last year, according to the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is important for customers 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 and Gen Z are the 2 groups who are using mobile banking apps the best. The study found that 99 % of Gen Z and ninety eight % of millennials work with a mobile banking app for a wide variety of projects, including viewing account balances, checking their credit score and depositing a search. gen X and Boomers use mobile banking apps less (86.5 % as well as 69.5 %, respectively), but the ones who do remain 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 as well as bank card issuers, now offer customers with user friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is actually designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good advantage, it’s not always a one-stop shop to managing your finances because it might possibly be limited by the accounts you have at one bank. If you have multiple accounts from different banks and want a holistic way to handle your hard earned dollars, consider setting up a budget spreadsheet or maybe enrolling in a budgeting app or money app like Mint or perhaps you Need a Budget.

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