Categories
Personal Finance

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

Mobile banking is a handy method to manage the money of yours on the go and continues to raise in popularity. In reality, 54 % of customers agreed they often use digital banking tools more today, on account of the pandemic, than they did last year, in accordance with the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is essential for buyers 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 discovered that 99 % of Gen Z as well as ninety eight % of millennials apply a mobile banking app for a wide variety of activities, including viewing account balances, examining the credit score of theirs and depositing a check. Boomers and gen X work with mobile banking apps less (86.5 % along with 69.5 %, respectively), though the people which do are still 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%

Inspite of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and bank card issuers, now provide customers with user friendly mobile apps for their smartphones. The Chase Mobile app, for example, is actually offered to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good advantage, it’s not always a one-stop shop to controlling your finances because it might possibly be confined to the accounts you’ve at one bank. If you’ve numerous accounts from different banks and want a holistic method to handle the money of yours, consider building a budget spreadsheet or signing up for a budgeting app or money app as Mint or you Need a Budget.

In order to create the very own spending budget technique of yours with comparable efficiency 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 monthly expenses for each expense
  5. Make adjustments