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 continues to raise in popularity. In reality, fifty four % of customers agreed they often use digital banking tools more today, as a result of 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 essential for customers of all the 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 who are making use of mobile banking apps the best. The study noted that 99 % of Gen Z and ninety eight % of millennials use a mobile banking app for a wide range 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 % along with 69.5 %, respectively), but the people which do remain 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%

Despite the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and credit card issuers, now offer customers with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is designed 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 managing the finances of yours as it might possibly be confined to the accounts you have at one bank. In case you’ve multiple accounts from different banks and are interested in a holistic method to manage the money of yours, consider setting up a budget spreadsheet or maybe enrolling in a budgeting app or money app as Mint or you Need a Budget.

In order to create the own spending budget method of yours with similar 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