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Personal Finance

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

Mobile banking is an easy way to handle the money of yours on the go and continues to develop in popularity. In fact, fifty four % of customers agreed that they often use digital banking tools more today, due to the pandemic, than they did last year, in accordance with the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually crucial for buyers 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 and Gen Z are the 2 groups who are making use of mobile banking apps the best. The study discovered that ninety nine % of Gen Z and ninety eight % of millennials use a mobile banking app for a broad range of projects, including viewing account balances, checking the credit score of theirs and depositing a check. gen X and Boomers use mobile banking apps less (86.5 % and 69.5 %, respectively), although the ones which do are still 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 as well as bank card issuers, now offer customers with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is actually available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent advantage, it is not necessarily an one stop shop to controlling your finances since it might be limited to the accounts you’ve at one bank. If you have numerous accounts from diverse banks and would like a holistic method to handle your money, consider building a budget spreadsheet or maybe signing up for a budgeting app or money app as Mint or perhaps you Want a Budget.

In order to create your very own budget method with similar 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 each expense
  5. Make adjustments