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

Mobile banking is an easy technique to handle the money of yours on the go and will continue to raise in popularity. In reality, 54 % of people agreed they normally use digital banking equipment more now, due to the pandemic, than they did year which is last, according to the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is crucial 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 and Gen Z are actually the two groups that are using mobile banking apps the most. The study discovered that 99 % of Gen Z and 98 % of millennials use a mobile banking app for a wide variety of projects, such as viewing account balances, checking their credit score and depositing a search. gen X and Boomers use mobile banking apps less (86.5 % and 69.5 %, respectively), although the ones 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%

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

While a mobile banking app is a good asset, it is not necessarily an one stop shop to controlling the finances of yours as it might be confined to the accounts you have at one bank. In case you have numerous accounts from diverse banks and want a holistic method to manage the money of yours, consider building a budget spreadsheet or maybe signing up for a budgeting app or money app as Mint or you Need 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 typical monthly charges for every expense
  5. Make adjustments