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Personal Finance

Millennials and Gen Z are probably 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 continues to develop in popularity. The truth is, 54 % of people agreed they normally use digital banking equipment more now, due to the pandemic, than they did year which is last, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is crucial for customers 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 who are using mobile banking apps the best. The study noted that 99 % of Gen Z and 98 % of millennials use a mobile banking app for a wide variety of projects, including viewing account balances, checking their credit score and depositing an inspection. Boomers and gen X work with mobile banking apps less (86.5 % along with 69.5 %, respectively), although the ones that do are still 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%

Inspite of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and bank card issuers, today provide customers with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good advantage, it is not always a one-stop shop to controlling your finances since it may be limited to the accounts you have at one bank. If you’ve a number of accounts from different banks and would like a holistic way to handle the money of yours, think about creating a budget spreadsheet or signing up for a budgeting app or money app like Mint or else you Need a Budget.

To be able to create the own spending budget method of yours with similar 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 typical month costs for every expense
  5. Make adjustments