Categories
Personal Finance

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

Mobile banking is a handy way to handle your money on the go and continues to develop in popularity. In fact, 54 % of consumers agreed that they use digital banking equipment more today, due to the pandemic, than they did year which is last, according to the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually crucial for customers 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 and Gen Z are actually the two groups that are making use of mobile banking apps the best. The study found that 99 % of Gen Z and 98 % of millennials work with a mobile banking app for a wide variety of tasks, including viewing account balances, examining their credit score and depositing an inspection. gen X and Boomers use mobile banking apps less (86.5 % along with 69.5 %, respectively), though the people that 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 will not be going anywhere: Most financial institutions, including banks as well as credit card issuers, now provide clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is actually offered to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent asset, it’s not always an one stop shop to controlling your finances because it might be confined to the accounts you have at one bank. In case you’ve multiple accounts from various banks and are interested in a holistic way to handle your money, consider building a budget spreadsheet or perhaps enrolling in a budgeting app or money app like Mint or perhaps you Need a Budget.

To be able to create the very own spending budget method of yours with comparable functionality to an app, following these five steps:

  1. Calculate your net income
  2. List monthly expenses
  3. Label fixed and variable expenses
  4. Determine typical month expenses for every expense
  5. Make adjustments

Leave a Reply

Your email address will not be published. Required fields are marked *