Categories
Personal Finance

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

Mobile banking is an easy way to manage the money of yours on the go and will continue to grow in popularity. In reality, fifty four % of customers agreed that they normally use digital banking equipment more today, as a result of the pandemic, than they did last year, according to the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is essential 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 actually the two groups that are utilizing mobile banking apps the best. The study discovered that 99 % of Gen Z and ninety eight % of millennials apply a mobile banking app for a wide variety of tasks, such as viewing account balances, checking the credit score of theirs and depositing a check. gen X and Boomers use mobile banking apps less (86.5 % and 69.5 %, respectively), although 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%

Regardless of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and bank card issuers, today provide clients with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is actually designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great advantage, it is not always a one-stop shop to controlling your finances as it might be limited to the accounts you’ve at one bank. In case you’ve multiple accounts from different banks and are interested in a holistic technique to manage the money of yours, consider creating a budget spreadsheet or enrolling in a budgeting app or money app like Mint or you Need a Budget.

In order to create your very own budget technique with similar functionality to an app, following these five steps:

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

Leave a Reply

Your email address will not be published. Required fields are marked *