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Personal Finance

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

Mobile banking is a convenient way to manage the money of yours on the go and will continue to grow in popularity. The truth is, fifty four % of consumers agreed they use digital banking tools more today, due to the pandemic, than they did last year, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is crucial for consumers 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 plus Gen Z are actually the 2 groups who are utilizing mobile banking apps the most. The study noted that 99 % of Gen Z as well as 98 % of millennials use a mobile banking app for a wide range of tasks, including viewing account balances, checking their credit score and depositing an inspection. Boomers and gen X use mobile banking apps less (86.5 % and 69.5 %, respectively), however, the people that do remain 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%

Despite the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and credit card issuers, now provide clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for example, is actually available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good asset, it’s not always an one stop shop to controlling your finances as it may be limited to the accounts you’ve at one bank. In case you have a number of accounts from different banks and want a holistic method to manage your hard earned dollars, consider setting up a budget spreadsheet or enrolling in a budgeting app or money app as Mint or perhaps you Want a Budget.

To be able to create the own spending budget process 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 average month charges for each expense
  5. Make adjustments