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

Mobile banking is an easy way to handle your money on the go and will continue to develop in popularity. In reality, 54 % of customers agreed they often use digital banking tools more now, on account of 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 important for buyers of all ages to confidently deal with 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 who are utilizing mobile banking apps the best. The study discovered that ninety nine % of Gen Z as well as 98 % of millennials work with a mobile banking app for a wide range of tasks, such as viewing account balances, checking the credit score of theirs and depositing a search. gen X and Boomers work with mobile banking apps less (86.5 % along with 69.5 %, respectively), but the ones that do remain 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, today provide customers with user-friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a good asset, it is not necessarily an one stop shop to managing the finances of yours since it might possibly be limited by the accounts you have at one bank. If you have a number of accounts from diverse banks and want a holistic method to handle the money of yours, consider building a budget spreadsheet or perhaps signing up for a budgeting app or money app as Mint or you Want a Budget.

In order to create your own spending budget method with comparable 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 month expenses for each expense
  5. Make adjustments