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Personal Finance

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

Mobile banking is a handy method to manage your hard earned money on the go and continues to develop in popularity. In reality, 54 % of people agreed they use digital banking tools more now, on account of the pandemic, than they did last year, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually crucial for customers of all ages to confidently manage 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 the two groups who are making use of mobile banking apps the most. The study noted that ninety nine % of Gen Z and 98 % of millennials work with a mobile banking app for a wide variety of projects, such as viewing account balances, checking their credit score and depositing a search. Boomers and gen X work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), although the people 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 is not going anywhere: Most financial institutions, including banks as well as charge card issuers, today offer 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 a good asset, it is not necessarily a one-stop shop to managing the finances of yours since it might be confined to the accounts you’ve at one bank. If you’ve a number of accounts from various banks and would like a holistic technique to handle the money of yours, consider building a budget spreadsheet or maybe signing up for a budgeting app or money app as Mint or else you Want a Budget.

To be able to create the 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 adjustable expenses
  4. Determine average month charges for every expense
  5. Make adjustments