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Personal Finance

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

Mobile banking is a convenient method to manage your money on the go and continues to grow in popularity. In fact, fifty four % of customers agreed that they often use digital banking tools more now, as a result 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 essential for consumers 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 that are utilizing mobile banking apps the most. The study discovered that 99 % of Gen Z as well as 98 % of millennials use a mobile banking app for a broad range of activities, such as viewing account balances, checking their credit score and depositing an inspection. gen X and Boomers use mobile banking apps less (86.5 % as well as 69.5 %, respectively), though the individuals 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%

Regardless of the generational differences, mobile banking will not be going anywhere: Most financial institutions, including banks and credit card issuers, today offer clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent advantage, it is not always a one-stop shop to managing your finances because it may be confined to the accounts you have at one bank. If you have numerous accounts from different banks and want a holistic method to handle your money, consider setting up a budget spreadsheet or registering for a budgeting app or money app as Mint or else you Want a Budget.

To be able to create your very own spending budget process with comparable 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 monthly expenses for each expense
  5. Make adjustments

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