Categories
Personal Finance

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

Mobile banking is a convenient method to handle the money of yours on the go and continues to grow in popularity. In fact, fifty four % of people agreed they normally use digital banking tools more now, due to the pandemic, than they did last year, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually essential for buyers of all ages to confidently deal with 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 the 2 groups that are utilizing mobile banking apps the best. The study discovered that ninety nine % of Gen Z and ninety eight % of millennials work with a mobile banking app for a wide variety of tasks, such as viewing account balances, checking their credit score and depositing a check. Boomers and gen X work with mobile banking apps less (86.5 % along with 69.5 %, respectively), but the ones which 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 as well as credit card issuers, now provide customers with user-friendly mobile apps for their smartphones. The Chase Mobile app, for example, is actually available to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good asset, it’s not necessarily a one-stop shop to controlling your finances because it may be confined to the accounts you’ve at one bank. In case you have a number of accounts from various banks and would like a holistic way to handle your money, think about setting up a budget spreadsheet or perhaps signing up for a budgeting app or money app as Mint or you Want a Budget.

To be able to create the very own spending budget process of yours 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 average month charges for each expense
  5. Make adjustments