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Personal Finance

Millennials and Gen Z are the most probable to work with mobile banking apps

Mobile banking is a handy way to handle the money of yours on the go and will continue 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 last year, in accordance with the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually important for consumers of all ages to confidently manage 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 actually the two groups who are utilizing mobile banking apps the most. The study noted that ninety nine % of Gen Z and ninety eight % of millennials use a mobile banking app for a wide variety of tasks, including viewing account balances, examining their credit score and depositing a search. gen X and Boomers work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), although the individuals which 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%

Despite the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks as well as bank card issuers, now offer clients with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent asset, it’s not necessarily an one stop shop to managing the finances of yours since it might be limited to the accounts you have at one bank. If you’ve numerous accounts from different banks and would like a holistic way to manage your hard earned money, think about setting up a budget spreadsheet or maybe signing up for a budgeting app or money app like Mint or perhaps you Need a Budget.

In order to create the own spending budget process of yours with comparable functionality to an app, following these five 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