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Personal Finance

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

Mobile banking is a convenient technique to handle your cash on the go and continues to grow in popularity. In fact, fifty four % of consumers agreed they often use digital banking equipment more today, on account 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 important 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 actually the two groups who are using mobile banking apps the most. The study found that 99 % of Gen Z as well as 98 % of millennials work with a mobile banking app for a wide range of projects, such as viewing account balances, checking their credit score and depositing a search. gen X and Boomers work with mobile banking apps less (86.5 % and 69.5 %, respectively), although the individuals that 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%

Despite the generational differences, mobile banking will not be going anywhere: Most financial institutions, including banks as well as bank card issuers, now provide clients 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 asset, it’s not always a one-stop shop to managing your finances because it may be limited to the accounts you have at one bank. In case you’ve multiple accounts from different banks and are interested in a holistic method to handle your money, consider building a budget spreadsheet or enrolling in a budgeting app or money app as Mint or you Need a Budget.

In order to create your own budget technique with similar 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 typical monthly costs for every expense
  5. Make adjustments