Categories
Personal Finance

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

Mobile banking is an easy way to manage your hard earned money on the go and continues to develop in popularity. In reality, 54 % of customers agreed that they use digital banking equipment 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 actually important for customers of all ages to confidently manage their finances,” Allison Beer, Head of Digital at Chase, said to the press release.

It comes as no surprise that millennials plus Gen Z are the two groups that are utilizing mobile banking apps the most. The study found that 99 % of Gen Z as well as ninety eight % of millennials use a mobile banking app for a broad range of tasks, such as viewing account balances, checking their credit score and depositing a check. Boomers and gen X use mobile banking apps less (86.5 % and 69.5 %, respectively), though the ones who do continue to be 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 is not going anywhere: Most financial institutions, including banks and charge card issuers, now provide clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for example, is available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great asset, it is not always an one stop shop to controlling the finances of yours because it may be confined to the accounts you’ve at one bank. If you have multiple accounts from diverse banks and would like a holistic technique to manage your hard earned dollars, consider building a budget spreadsheet or maybe registering for a budgeting app or money app like Mint or else you Need a Budget.

To be able to create your very own spending budget process with similar 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 monthly charges for each expense
  5. Make adjustments