Categories
Personal Finance

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

Mobile banking is a handy way to manage the money of yours on the go and will continue to grow in popularity. In reality, 54 % of customers agreed that they use digital banking tools more today, on account of the pandemic, than they did year that is last, in accordance with the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually essential 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 who are using mobile banking apps the best. The study noted that 99 % of Gen Z and ninety eight % 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 a search. Boomers and gen X work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), however, the people which do continue to be in the 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 will not be going anywhere: Most financial institutions, including banks and credit card issuers, today provide clients with user-friendly mobile apps for their smartphones. 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 an excellent advantage, it’s not always a one-stop shop to managing your finances because it might be limited to the accounts you’ve at one bank. If you’ve numerous accounts from various banks and are interested in a holistic way to handle your cash, consider setting up a budget spreadsheet or enrolling in a budgeting app or money app as Mint or perhaps you Need a Budget.

To be able to create the very own spending budget method of yours with comparable 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 average month costs for every expense
  5. Make adjustments

Leave a Reply

Your email address will not be published. Required fields are marked *