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Personal Finance

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

Mobile banking is a handy way to handle your money on the go and continues to raise in popularity. In fact, fifty four % of people agreed they normally use digital banking tools more today, on account of the pandemic, than they did year that is last, according to the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually important 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 actually the two groups who are using mobile banking apps the most. The study noted that 99 % of Gen Z and ninety eight % of millennials work with a mobile banking app for a wide variety of activities, including viewing account balances, checking their credit score and depositing a check. Boomers and gen X work with mobile banking apps less (86.5 % and 69.5 %, respectively), but the people which do remain 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 isn’t going anywhere: Most financial institutions, including banks and bank card issuers, today provide clients with user-friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is available to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent asset, it is not necessarily an one stop shop to controlling your finances as it may be limited by the accounts you have at one bank. In case you’ve a number of accounts from different banks and want a holistic way to manage the money of yours, consider creating a budget spreadsheet or maybe enrolling in a budgeting app or money app as Mint or you Want a Budget.

To be able to create your very own budget technique with similar efficiency to an app, following these five 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