Millennials as well as Gen Z are the most probable to use mobile banking apps

Mobile banking is an easy technique to manage the money of yours on the go and will continue to develop in popularity. In fact, fifty four % of consumers agreed that they often use digital banking equipment more now, due to the pandemic, than they did year which is last, in accordance with the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually essential for customers 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 and Gen Z are the two groups that are making use of mobile banking apps the best. The study found that 99 % of Gen Z as well as 98 % of millennials apply a mobile banking app for a wide variety of tasks, including viewing account balances, examining the credit score of theirs and depositing a check. gen X and Boomers work with mobile banking apps less (86.5 % along with 69.5 %, respectively), but the people 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%

Regardless of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks as well as credit card issuers, today provide customers with user-friendly mobile apps for their smartphones. The Chase Mobile app, for example, is offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good advantage, it’s not always a one-stop shop to controlling your finances since it might possibly be limited by the accounts you have at one bank. If you’ve a number of accounts from different banks and want a holistic way to handle the money of yours, think about setting up a budget spreadsheet or maybe registering for a budgeting app or money app like Mint or you Want a Budget.

To be able to create the own spending budget method of yours with similar efficiency 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 monthly costs for every expense
  5. Make adjustments