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Personal Finance

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

Mobile banking is a handy technique to handle the money of yours on the go and continues to grow in popularity. The truth is, 54 % of consumers agreed that they use digital banking tools more now, due to 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 actually crucial for buyers of all 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 the 2 groups that are using mobile banking apps the best. The study noted that 99 % of Gen Z as well as 98 % of millennials work with a mobile banking app for a broad range of projects, such as viewing account balances, checking 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), although the ones 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%

Despite the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and charge card issuers, today provide customers with user friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is actually designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good asset, it is not always an one stop shop to managing your finances since it may be limited to the accounts you’ve at one bank. In case you have numerous accounts from various banks and are interested in a holistic way to handle your cash, think about setting up a budget spreadsheet or maybe enrolling in a budgeting app or money app like Mint or you Want a Budget.

In order to create the own spending budget method of yours with comparable 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 average monthly charges for every expense
  5. Make adjustments

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