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Personal Finance

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

Mobile banking is a handy way to handle the money of yours on the go and will continue to grow in popularity. In fact, 54 % of consumers agreed they use digital banking tools more today, as a result of the pandemic, than they did year which 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 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 actually the 2 groups that are using mobile banking apps the best. The study found that ninety nine % of Gen Z as well as ninety eight % of millennials work with a mobile banking app for a wide range of tasks, such as viewing account balances, checking the credit score of theirs and depositing an inspection. Boomers and gen X use mobile banking apps less (86.5 % as well as 69.5 %, respectively), but the people who do continue to be 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 instance, is actually available to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent advantage, it’s not necessarily an one stop shop to controlling the finances of yours because it may be limited to the accounts you have at one bank. If you’ve multiple accounts from diverse banks and would like a holistic technique to handle your cash, think about setting up a budget spreadsheet or signing up for a budgeting app or money app as Mint or you Want a Budget.

In order to create the own budget process 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 variable expenses
  4. Determine average month costs for each expense
  5. Make adjustments