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Personal Finance

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

Mobile banking is a convenient method to handle the money of yours on the go and continues to raise in popularity. In fact, 54 % of people agreed they use digital banking tools more today, as a result 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 crucial for consumers of all 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 best. The study noted that 99 % of Gen Z as well as ninety eight % of millennials work with a mobile banking app for a broad range of activities, such as viewing account balances, examining the credit score of theirs and depositing an inspection. gen X and Boomers use mobile banking apps less (86.5 % and 69.5 %, respectively), though the ones that 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%

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

While a mobile banking app is a great advantage, it’s not necessarily an one stop shop to controlling the finances of yours as it may be limited by the accounts you’ve at one bank. In case you’ve numerous accounts from diverse banks and want a holistic way to manage your hard earned dollars, consider building a budget spreadsheet or enrolling in a budgeting app or money app as Mint or else you Need a Budget.

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

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