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Personal Finance

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

Mobile banking is an easy method to handle the money of yours on the go and will continue to develop in popularity. In reality, 54 % of people agreed they often use digital banking tools more now, due to the pandemic, than they did year which is last, according to the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is essential for buyers 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 who are using mobile banking apps the best. The study found that 99 % of Gen Z and ninety eight % of millennials use a mobile banking app for a broad range of projects, such as viewing account balances, examining the credit score of theirs and depositing a search. gen X and Boomers use mobile banking apps less (86.5 % along with 69.5 %, respectively), but the people who 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 as well as credit card issuers, today offer clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is offered to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great asset, it is not necessarily an one stop shop to managing the finances of yours since it might be limited by the accounts you have at one bank. In case you have a number of accounts from various banks and want a holistic technique to handle the money of yours, consider creating a budget spreadsheet or perhaps signing up for a budgeting app or money app like Mint or perhaps you Want a Budget.

To be able to create the very own budget process of yours with comparable efficiency 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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