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Personal Finance

Millennials as well as Gen Z are the most likely to work with mobile banking apps

Mobile banking is a convenient technique to handle the money of yours on the go and will continue to raise in popularity. In fact, 54 % of consumers agreed they use digital banking equipment more now, as a result 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 essential for consumers of all the 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 the two groups who are using 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 wide range of activities, including viewing account balances, examining the credit score of theirs and depositing a check. Boomers and gen X use mobile banking apps less (86.5 % and 69.5 %, respectively), although the individuals who do remain 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 as well as charge card issuers, now provide customers with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is actually available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent advantage, it is not always a one-stop shop to managing your finances because it might possibly be limited to the accounts you have at one bank. If you’ve multiple accounts from different banks and want a holistic technique to manage the money of yours, consider building a budget spreadsheet or maybe enrolling in a budgeting app or money app as Mint or perhaps you Want a Budget.

To be able to create the very own 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 variable expenses
  4. Determine average month costs for each expense
  5. Make adjustments

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