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Personal Finance

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

Mobile banking is a convenient method to handle your money on the go and continues to grow in popularity. In fact, 54 % of people agreed that they normally use digital banking tools more now, on account of the pandemic, than they did year which is last, in accordance with the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is important for customers of all ages to confidently manage their finances,” Allison Beer, Head of Digital at Chase, said in the press release.

It comes as no surprise that millennials plus Gen Z are the 2 groups that are utilizing mobile banking apps the best. The study discovered that 99 % 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 the credit score of theirs and depositing an inspection. Boomers and gen X work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), but the ones 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 is not going anywhere: Most financial institutions, including banks and bank card issuers, now offer 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 an excellent asset, it is not necessarily an one stop shop to controlling the finances of yours because it may be limited to the accounts you’ve at one bank. In case you have numerous accounts from different banks and are interested in a holistic way to handle your money, consider setting up a budget spreadsheet or perhaps signing up for a budgeting app or money app as Mint or you Want a Budget.

In order to create the own spending budget technique of yours with similar 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 typical monthly charges for each expense
  5. Make adjustments

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