Categories
Personal Finance

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

Mobile banking is a convenient technique to handle your hard earned money on the go and will continue to raise in popularity. In reality, 54 % of consumers agreed that they normally use digital banking tools more today, on account of the pandemic, than they did year which is last, according to the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is crucial 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 utilizing mobile banking apps the most. The study discovered that 99 % of Gen Z and ninety eight % of millennials use a mobile banking app for a broad range of projects, such as viewing account balances, checking the credit score of theirs and depositing a search. gen X and Boomers work with mobile banking apps less (86.5 % along with 69.5 %, respectively), although the ones who 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 isn’t going anywhere: Most financial institutions, including banks and bank card issuers, today provide customers with user-friendly mobile apps for their smartphones. 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 an excellent advantage, it is not always a one-stop shop to controlling the finances of yours as it may be limited to the accounts you have at one bank. If you have numerous accounts from different banks and want a holistic method to manage the money of yours, think about creating a budget spreadsheet or registering for a budgeting app or money app as Mint or perhaps you Want a Budget.

In order to create your own budget process with comparable 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 average monthly charges for every expense
  5. Make adjustments