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Personal Finance

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

Mobile banking is an easy way to manage your money on the go and continues to develop in popularity. In fact, 54 % of customers agreed they often use digital banking equipment more now, as a result of 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 crucial 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 and Gen Z are the 2 groups that are using mobile banking apps the best. The study found that ninety nine % of Gen Z and 98 % of millennials work with a mobile banking app for a wide variety of projects, such as viewing account balances, checking their credit score and depositing an inspection. gen X and Boomers work with mobile banking apps less (86.5 % and 69.5 %, respectively), although the individuals who do continue to be 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, today offer customers with user-friendly mobile apps for their smartphones. The Chase Mobile app, for example, is actually offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great advantage, it’s not always an one stop shop to controlling the finances of yours because it might possibly be limited by the accounts you’ve at one bank. If you have a number of accounts from various banks and want a holistic method to manage your money, think about setting up a budget spreadsheet or maybe registering for a budgeting app or money app like Mint or perhaps you Need a Budget.

In order to create your own budget technique with comparable functionality to an app, following these five steps:

  1. Calculate your net income
  2. List monthly expenses
  3. Label fixed and variable expenses
  4. Determine average month expenses for every expense
  5. Make adjustments

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