Categories
Personal Finance

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

Mobile banking is a convenient technique to handle the money of yours on the go and continues to raise in popularity. In reality, 54 % of consumers agreed that they often use digital banking tools more today, due to 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 actually crucial 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 2 groups that are using mobile banking apps the most. The study found that ninety nine % of Gen Z and ninety eight % of millennials apply a mobile banking app for a wide range of projects, including viewing account balances, checking their credit score and depositing a check. gen X and Boomers use mobile banking apps less (86.5 % as well as 69.5 %, respectively), but the people that 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%

Inspite of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and credit card issuers, now provide clients with user-friendly mobile apps for their smartphones. The Chase Mobile app, for instance, 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’s not always an one stop shop to managing the finances of yours as it might possibly be confined to the accounts you’ve at one bank. If you have numerous accounts from different banks and would like a holistic method to handle your hard earned dollars, consider creating a budget spreadsheet or perhaps signing up for a budgeting app or money app as Mint or else you Need a Budget.

To be able to create the very own budget method of yours with comparable efficiency to an app, following these five steps:

  1. Calculate your net income
  2. List monthly expenses
  3. Label fixed and variable expenses
  4. Determine typical monthly costs for every expense
  5. Make adjustments

Leave a Reply

Your email address will not be published. Required fields are marked *