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Personal Finance

Millennials as well as Gen Z are the most likely to use mobile banking apps

Mobile banking is an easy technique to handle the money of yours on the go and continues to grow in popularity. In fact, 54 % of customers agreed they often use digital banking tools more today, on account of 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 ages to confidently deal with their finances,” Allison Beer, Head of Digital at Chase, said to the press release.

It comes as no surprise that millennials plus Gen Z are the two groups who are making use of mobile banking apps the most. The study discovered that 99 % of Gen Z and ninety eight % of millennials work with a mobile banking app for a wide variety of tasks, such as viewing account balances, checking their credit score and depositing a search. gen X and Boomers use mobile banking apps less (86.5 % along with 69.5 %, respectively), though the individuals who 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%

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

While a mobile banking app is an excellent advantage, it’s not always an one stop shop to managing your finances because it might be limited to the accounts you’ve at one bank. In case you have a number of accounts from various banks and want a holistic way to handle your hard earned money, consider building a budget spreadsheet or perhaps enrolling in a budgeting app or money app as Mint or else you Need a Budget.

In order to create your very own budget technique with similar functionality to an app, following these five steps:

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