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

Mobile banking is a convenient method to manage your money on the go and will continue to raise in popularity. The truth is, fifty four % of consumers agreed that they use digital banking equipment more now, as a result of the pandemic, than they did year which is last, in accordance with the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually essential for customers of all 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 and Gen Z are actually the two groups that are utilizing mobile banking apps the most. The study noted that ninety nine % of Gen Z as well as ninety eight % of millennials apply a mobile banking app for a broad range of activities, such as viewing account balances, examining the credit score of theirs and depositing a search. gen X and Boomers use mobile banking apps less (86.5 % as well as 69.5 %, respectively), although the ones 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 is not 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 example, is designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great asset, it is not necessarily an one stop shop to controlling your finances because it might be limited by the accounts you’ve at one bank. If you’ve numerous accounts from diverse banks and would like a holistic way to handle your hard earned dollars, think about creating a budget spreadsheet or maybe registering for a budgeting app or money app like Mint or perhaps you Want a Budget.

To be able to create the very own spending budget method of yours with comparable 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 typical month charges for each expense
  5. Make adjustments
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