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

Mobile banking is a handy technique to manage your hard earned money on the go and will continue to raise in popularity. The truth is, fifty four % of people agreed that they use digital banking equipment more now, as a result of the pandemic, than they did last year, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually important for buyers of all 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 actually the 2 groups that are utilizing mobile banking apps the most. The study noted that ninety nine % of Gen Z and ninety eight % of millennials apply a mobile banking app for a wide variety of tasks, including viewing account balances, checking their credit score and depositing an inspection. Boomers and gen X use mobile banking apps less (86.5 % as well as 69.5 %, respectively), although the ones which 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%

Despite the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks as well as bank card issuers, now provide clients with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is available to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent advantage, it’s not always a one-stop shop to managing the finances of yours since it might be limited by the accounts you have at one bank. If you have multiple accounts from diverse banks and would like a holistic technique to manage your hard earned money, consider building a budget spreadsheet or signing up for a budgeting app or money app as Mint or you Want a Budget.

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