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Personal Finance

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

Mobile banking is an easy method to manage your cash on the go and will continue to raise in popularity. In reality, 54 % of consumers agreed they normally use digital banking tools more today, as a result 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 consumers of all the ages to confidently manage 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 the two groups who are making use of mobile banking apps the most. The study found that ninety nine % of Gen Z as well as 98 % of millennials apply a mobile banking app for a wide range of tasks, such as viewing account balances, examining their credit score and depositing an inspection. gen X and Boomers use mobile banking apps less (86.5 % as well as 69.5 %, respectively), though the people which do are still 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 is not going anywhere: Most financial institutions, including banks and bank card issuers, today offer clients with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good advantage, it’s not necessarily an one stop shop to managing your finances because it might possibly be confined to the accounts you have at one bank. In case you’ve a number of accounts from diverse banks and are interested in a holistic method to handle your hard earned dollars, think about building a budget spreadsheet or registering for a budgeting app or money app like Mint or else you Need a Budget.

In order to create your own budget method 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 month costs for each expense
  5. Make adjustments

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