Categories
Personal Finance

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

Mobile banking is an easy way to handle the money of yours on the go and continues to develop in popularity. In reality, 54 % of people agreed that they normally use digital banking tools more today, as a result of the pandemic, than they did year that is last, in accordance with the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is important for consumers of all ages to confidently deal with 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 two groups that are using mobile banking apps the best. The study discovered that 99 % of Gen Z as well as ninety eight % of millennials apply a mobile banking app for a broad range of activities, including viewing account balances, examining their credit score and depositing a check. gen X and Boomers use mobile banking apps less (86.5 % along with 69.5 %, respectively), however, the people who do are still 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%

Regardless of the generational differences, mobile banking will not be going anywhere: Most financial institutions, including banks as well as bank card issuers, today provide clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is actually offered to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great asset, it is not necessarily a one-stop shop to managing the finances of yours as it might possibly be limited to the accounts you have at one bank. In case you’ve numerous accounts from diverse banks and would like a holistic technique to handle your cash, think about setting up a budget spreadsheet or perhaps signing up for a budgeting app or money app like Mint or perhaps you Want a Budget.

In order to create the own spending budget method 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 adjustable expenses
  4. Determine typical month expenses for every expense
  5. Make adjustments