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Personal Finance

Millennials as well as Gen Z are the most probable to work with mobile banking apps

Mobile banking is a convenient method to manage your hard earned money on the go and continues to grow in popularity. In reality, 54 % of people agreed that they use digital banking tools more today, as a result of 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 actually crucial for buyers 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 most. The study found that 99 % of Gen Z as well as ninety eight % of millennials apply a mobile banking app for a wide range of activities, such as viewing account balances, examining their credit score and depositing an inspection. gen X and Boomers work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), however, the ones 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%

Inspite of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and charge card issuers, now provide customers with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great advantage, it is not necessarily a one-stop shop to managing the finances of yours as it might be confined to the accounts you have at one bank. In case you have multiple accounts from different banks and are interested in a holistic way to manage your money, think about setting up a budget spreadsheet or registering for a budgeting app or money app like Mint or else you Need a Budget.

To be able to create the very own budget technique of yours with similar efficiency 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 expenses for every expense
  5. Make adjustments