Categories
Personal Finance

Millennials as well as Gen Z are probably the most probable to make use of mobile banking apps

Mobile banking is a convenient way to handle the money of yours on the go and will continue to grow in popularity. In fact, 54 % of people agreed that they use digital banking equipment more now, as a result of the pandemic, than they did year which is last, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually essential 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 and Gen Z are actually the two groups who are making use of mobile banking apps the most. The study found that ninety nine % of Gen Z and ninety eight % of millennials use a mobile banking app for a wide range of activities, including viewing account balances, checking their credit score and depositing a check. gen X and Boomers work with mobile banking apps less (86.5 % and 69.5 %, respectively), but the individuals who do continue to be 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%

Regardless of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and credit card issuers, today offer clients with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is offered to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great asset, it is not always a one-stop shop to managing your finances since it might possibly be confined to the accounts you’ve at one bank. In case you have numerous accounts from different banks and want a holistic way to handle the money of yours, think about creating a budget spreadsheet or maybe enrolling in a budgeting app or money app as Mint or perhaps you Want a Budget.

In order to create your own spending budget technique 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 average monthly charges for every expense
  5. Make adjustments