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Personal Finance

Millennials as well as Gen Z are probably the most likely to use mobile banking apps

Mobile banking is a handy way to manage your money on the go and will continue to raise in popularity. In fact, 54 % of people agreed they use digital banking tools more now, on account of 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 essential for customers of all 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 and Gen Z are actually the 2 groups that are making use of mobile banking apps the best. The study found that 99 % of Gen Z and 98 % of millennials work with a mobile banking app for a broad range of activities, 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), however, the ones which do are still 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 as well as charge card issuers, now provide customers with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is actually designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good asset, it is not necessarily an one stop shop to managing the finances of yours as it may be confined to the accounts you have at one bank. If you’ve a number of accounts from various banks and would like a holistic method to handle your hard earned dollars, consider building a budget spreadsheet or signing up for a budgeting app or money app as Mint or perhaps you Want a Budget.

To be able to create your very own budget method 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 monthly costs for each expense
  5. Make adjustments

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