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Personal Finance

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

Mobile banking is a convenient method to handle the money of yours on the go and will continue to grow in popularity. In fact, fifty four % of consumers agreed they use digital banking tools more today, on account of the pandemic, than they did last year, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is essential for buyers 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 the 2 groups who are making use of mobile banking apps the most. The study noted that ninety nine % of Gen Z as well as 98 % of millennials apply a mobile banking app for a wide variety of tasks, 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), though the individuals 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%

Inspite of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks as well as credit card issuers, today provide clients with user-friendly mobile apps for their smartphones. The Chase Mobile app, for example, is offered to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good asset, it’s not necessarily an one stop shop to controlling your finances as it may be limited by the accounts you have at one bank. In case you have a number of accounts from different banks and are interested in a holistic way to handle your hard earned dollars, consider setting up a budget spreadsheet or maybe registering for a budgeting app or money app as Mint or perhaps you Need a Budget.

In order to create your very own spending budget process with comparable efficiency 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 month charges for every expense
  5. Make adjustments

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