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Personal Finance

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

Mobile banking is a convenient method to handle your cash on the go and will continue to develop in popularity. The truth is, fifty four % of customers agreed they normally use digital banking tools more today, as a result 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 important for consumers 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 plus Gen Z are the two groups that are utilizing mobile banking apps the most. The study found that ninety nine % of Gen Z as well as 98 % of millennials work with a mobile banking app for a wide range of tasks, including viewing account balances, examining their credit score and depositing a search. Boomers and gen X use mobile banking apps less (86.5 % and 69.5 %, respectively), though the individuals which 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%

Despite the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and charge card issuers, now provide customers with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great advantage, it’s not necessarily a one-stop shop to controlling your finances since it may be confined to the accounts you have at one bank. If you’ve numerous accounts from various banks and would like a holistic way to manage the money of yours, think about creating a budget spreadsheet or perhaps signing up for a budgeting app or money app like Mint or you Want a Budget.

To be able to create your very own budget method 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 each expense
  5. Make adjustments

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