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Personal Finance

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

Mobile banking is a convenient technique to manage the money of yours on the go and will continue to develop in popularity. The truth is, 54 % of consumers agreed they often use digital banking equipment more now, on account of the pandemic, than they did last year, according to the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is important 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 and Gen Z are actually the 2 groups that are making use of mobile banking apps the best. The study discovered that 99 % of Gen Z and ninety eight % of millennials apply a mobile banking app for a broad range of tasks, such as viewing account balances, checking the credit score of theirs and depositing a check. Boomers and gen X work with mobile banking apps less (86.5 % and 69.5 %, respectively), but the individuals that do remain 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 will not be 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 designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good asset, it is not always a one-stop shop to controlling the finances of yours since it might possibly be confined to the accounts you have at one bank. If you have a number of accounts from diverse banks and would like a holistic technique to handle your hard earned money, think about 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 own budget technique of yours with comparable 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 average monthly expenses for each expense
  5. Make adjustments