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Personal Finance

Millennials as well as Gen Z are probably the most probable to work with mobile banking apps

Mobile banking is an easy way to manage the money of yours on the go and will continue to grow in popularity. In fact, fifty four % of consumers agreed they use digital banking tools more today, on account of the pandemic, than they did year that 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 to the press release.

It comes as no surprise that millennials plus Gen Z are the 2 groups who are using mobile banking apps the most. The study noted that ninety nine % of Gen Z as well as ninety eight % of millennials work with a mobile banking app for a wide range of projects, such as viewing account balances, checking the credit score of theirs and depositing a search. Boomers and gen X use mobile banking apps less (86.5 % and 69.5 %, respectively), but the ones that do remain 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%

Regardless of the generational differences, mobile banking will not be 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 instance, is actually available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great advantage, it is not necessarily a one-stop shop to managing the finances of yours as it may be confined to the accounts you have at one bank. If you have numerous accounts from diverse banks and want a holistic method to handle the money of yours, think about creating a budget spreadsheet or perhaps registering for a budgeting app or money app like Mint or you Need a Budget.

To be able to create the own spending budget process of yours with similar 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 typical monthly charges for every expense
  5. Make adjustments