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

Mobile banking is a handy way to handle the money of yours on the go and continues to grow in popularity. In fact, 54 % of people agreed that they often use digital banking equipment more now, due to the pandemic, than they did year which is last, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is important for buyers of all the 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 plus Gen Z are the two groups that are utilizing mobile banking apps the most. The study found that 99 % of Gen Z and 98 % of millennials use a mobile banking app for a broad range of projects, such as viewing account balances, checking their credit score and depositing an inspection. gen X and Boomers use mobile banking apps less (86.5 % and 69.5 %, respectively), however, the ones who 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 will not be going anywhere: Most financial institutions, including banks as well as charge card issuers, now offer customers with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is offered to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good advantage, it is not always an one stop shop to controlling the finances of yours as it might possibly be confined to the accounts you’ve at one bank. In case you have numerous accounts from various banks and want a holistic way to manage your cash, think about creating a budget spreadsheet or enrolling in a budgeting app or money app as Mint or else you Want a Budget.

In order to create your very own spending budget method 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 charges for every expense
  5. Make adjustments