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Personal Finance

Millennials and Gen Z are probably the most probable to make use of mobile banking apps

Mobile banking is a handy way to handle the money of yours on the go and continues to raise in popularity. In fact, 54 % of consumers agreed they use digital banking tools more today, due to 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 important for consumers of all the ages to confidently deal with their finances,” Allison Beer, Head of Digital at Chase, said in the press release.

It comes as no surprise that millennials plus Gen Z are actually the 2 groups who are using mobile banking apps the most. The study discovered that ninety nine % of Gen Z and ninety eight % of millennials use a mobile banking app for a broad range of tasks, including viewing account balances, examining the credit score of theirs and depositing a check. Boomers and gen X use mobile banking apps less (86.5 % as well as 69.5 %, respectively), although the people which do continue to be 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%

Despite the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and charge card issuers, now offer customers with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is actually available to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great asset, it is not always a one-stop shop to managing the finances of yours because it may be limited by the accounts you have at one bank. If you have numerous accounts from various banks and are interested in a holistic way to manage the money of yours, consider creating a budget spreadsheet or perhaps signing up for a budgeting app or money app like Mint or perhaps you Want a Budget.

In order to create the very own spending budget process of yours with comparable efficiency to an app, following these 5 steps:

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

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