Categories
Personal Finance

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

Mobile banking is an easy technique to manage the money of yours on the go and will continue to develop in popularity. In fact, 54 % of people agreed that they use digital banking tools 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 consumers of all the 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 actually the two groups that are utilizing 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 projects, including viewing account balances, checking the credit score of theirs and depositing an inspection. gen X and Boomers use mobile banking apps less (86.5 % and 69.5 %, respectively), but the people that do continue to be 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, today provide clients with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is actually designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good asset, it’s not necessarily an one stop shop to managing the finances of yours as it might be limited by the accounts you’ve at one bank. In case you’ve numerous accounts from various banks and would like a holistic technique to manage your cash, think about creating a budget spreadsheet or signing up for a budgeting app or money app as Mint or else you Need a Budget.

To be able to create your very own budget process with comparable efficiency to an app, following these 5 steps:

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