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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 handy method to manage your hard earned money on the go and continues to develop in popularity. In fact, 54 % of customers agreed they often use digital banking tools more now, as a result of the pandemic, than they did year which is last, according to the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is important for buyers 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 the 2 groups who are utilizing mobile banking apps the best. The study noted that ninety nine % of Gen Z and 98 % of millennials work with a mobile banking app for a wide variety of tasks, such as viewing account balances, examining their credit score and depositing a check. gen X and Boomers use mobile banking apps less (86.5 % as well as 69.5 %, respectively), though the individuals which do continue to be 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 is not going anywhere: Most financial institutions, including banks and bank card issuers, now provide customers with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent advantage, it is not necessarily a one-stop shop to controlling your finances since it might be confined to the accounts you’ve at one bank. In case you’ve multiple accounts from various banks and would like a holistic method to handle the money of yours, think about creating a budget spreadsheet or maybe signing up for a budgeting app or money app as Mint or perhaps you Need a Budget.

To be able to create your own spending budget method with similar efficiency to an app, following these 5 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

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