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Personal Finance

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

Mobile banking is a convenient method 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 tools more today, due to the pandemic, than they did year that is last, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually important for customers of all the 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 and Gen Z are the 2 groups who are making use of mobile banking apps the best. The study noted that 99 % of Gen Z and 98 % of millennials work with a mobile banking app for a broad range of tasks, including viewing account balances, examining the credit score of theirs and depositing a search. Boomers and gen X work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), however, the people that do are still 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 will not be going anywhere: Most financial institutions, including banks and charge card issuers, now offer 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 an excellent advantage, it is not necessarily a one-stop shop to managing your finances as it might be confined to the accounts you’ve at one bank. If you’ve a number of accounts from diverse banks and want a holistic method to handle your cash, think about building a budget spreadsheet or registering for a budgeting app or money app as Mint or you Need a Budget.

To be able to create the very 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 typical month expenses for each expense
  5. Make adjustments

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