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Personal Finance

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

Mobile banking is an easy technique to manage the money of yours on the go and continues to raise in popularity. In fact, 54 % of customers agreed they normally 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 crucial for consumers of all the 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 plus Gen Z are the 2 groups who are using mobile banking apps the best. The study found that 99 % of Gen Z and ninety eight % of millennials use a mobile banking app for a wide variety of tasks, such as viewing account balances, checking their credit score and depositing a search. Boomers and gen X work with mobile banking apps less (86.5 % and 69.5 %, respectively), although the people which 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%

Despite the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and charge card issuers, now offer customers with user-friendly mobile apps for their smartphones. The Chase Mobile app, for example, is offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent advantage, it’s not necessarily an one stop shop to managing the finances of yours as it might be confined to the accounts you’ve at one bank. If you have multiple accounts from diverse banks and would like a holistic way to manage your hard earned dollars, think about building a budget spreadsheet or perhaps registering for a budgeting app or money app like Mint or else you Want a Budget.

To be able to create your 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 typical month expenses for every expense
  5. Make adjustments

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