Categories
Personal Finance

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

Mobile banking is an easy way to manage your cash on the go and will continue to grow in popularity. The truth is, fifty four % of people agreed that they often use digital banking tools more today, due to the pandemic, than they did year that is last, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually important for customers of all the ages to confidently deal with 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 actually the two groups that are making use of mobile banking apps the most. The study found that 99 % of Gen Z as well as 98 % of millennials work with a mobile banking app for a wide range of activities, including viewing account balances, examining the credit score of theirs and depositing a check. gen X and Boomers use mobile banking apps less (86.5 % along with 69.5 %, respectively), however, the ones who 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%

Despite the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks as well as credit card issuers, today offer clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for example, is actually designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent asset, it is not always a one-stop shop to controlling your finances as it might be limited to the accounts you have at one bank. If you’ve a number of accounts from different banks and would like a holistic method to manage your cash, consider building 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 the very own spending budget method of yours with comparable functionality 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 each expense
  5. Make adjustments