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Personal Finance

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

Mobile banking is a convenient method to manage the money of yours on the go and continues to raise in popularity. In reality, 54 % of consumers agreed that they use digital banking equipment more now, due to the pandemic, than they did last year, according to the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is important for consumers of all the ages to confidently deal with 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 found that 99 % of Gen Z and ninety eight % of millennials work with a mobile banking app for a wide range of projects, such as viewing account balances, examining their credit score and depositing a check. Boomers and gen X work with mobile banking apps less (86.5 % and 69.5 %, respectively), but the people that 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%

Inspite of the generational differences, mobile banking will not be going anywhere: Most financial institutions, including banks and credit card issuers, today provide customers with user-friendly mobile apps for the smartphones of theirs. 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 advantage, it is not necessarily a one-stop shop to controlling your finances as it might be limited to the accounts you have at one bank. If you have numerous accounts from various banks and would like a holistic technique to manage the money of yours, think about building a budget spreadsheet or perhaps enrolling in a budgeting app or money app as Mint or perhaps you Want a Budget.

In order to create the very own spending budget technique of yours with similar functionality to an app, following these five steps:

  1. Calculate your net income
  2. List monthly expenses
  3. Label fixed and variable expenses
  4. Determine average month costs for every expense
  5. Make adjustments