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Personal Finance

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

Mobile banking is an easy way to handle the money of yours on the go and continues to grow in popularity. The truth is, fifty four % of customers agreed they use digital banking tools more now, 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 crucial for buyers of all ages to confidently manage their finances,” Allison Beer, Head of Digital at Chase, said in the press release.

It comes as no surprise that millennials plus Gen Z are actually the two 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 broad range of projects, including 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), though the individuals who do remain 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%

Inspite of the generational differences, mobile banking will not be going anywhere: Most financial institutions, including banks as well as charge card issuers, today offer clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for example, is available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good advantage, it’s not necessarily an one stop shop to managing your finances because it may be confined to the accounts you have at one bank. If you have multiple accounts from various banks and are interested in a holistic method to handle your cash, think about building a budget spreadsheet or maybe enrolling in a budgeting app or money app like Mint or else you Want a Budget.

To be able to create the own spending budget process of yours with comparable functionality to an app, following these 5 steps:

  1. Calculate your net income
  2. List monthly expenses
  3. Label fixed and variable expenses
  4. Determine typical monthly charges for every expense
  5. Make adjustments