Categories
Personal Finance

Millennials and Gen Z are the most likely to make use of mobile banking apps

Mobile banking is a handy way to manage your hard earned money on the go and will continue to raise in popularity. In fact, 54 % of consumers agreed that they often use digital banking tools more now, due to the pandemic, than they did year that is last, in accordance with the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually crucial for buyers of all the 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 2 groups that are utilizing mobile banking apps the best. The study noted that ninety nine % of Gen Z and 98 % of millennials apply a mobile banking app for a wide range of tasks, including viewing account balances, examining the credit score of theirs and depositing an inspection. Boomers and gen X work with mobile banking apps less (86.5 % along with 69.5 %, respectively), though the ones that do remain 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%

Despite the generational differences, mobile banking will not be going anywhere: Most financial institutions, including banks and charge card issuers, now 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, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great asset, it’s not always an one stop shop to managing your finances because it might be limited by the accounts you have at one bank. If you have multiple accounts from different banks and are interested in a holistic technique to handle your cash, think about setting up a budget spreadsheet or maybe enrolling in a budgeting app or money app as Mint or perhaps you Need a Budget.

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