Millennials as well as Gen Z are probably the most likely to work with mobile banking apps

Mobile banking is a convenient way to manage the money of yours on the go and will continue to grow in popularity. The truth is, fifty four % of people agreed that they use digital banking equipment 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 crucial 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 the 2 groups who are using mobile banking apps the most. The study noted that ninety nine % of Gen Z and 98 % of millennials work with a mobile banking app for a wide range of tasks, including viewing account balances, checking their credit score and depositing a search. Boomers and gen X use mobile banking apps less (86.5 % along with 69.5 %, respectively), however, the ones that 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%

Inspite of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and credit card issuers, today provide clients with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is actually available to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great advantage, it’s not necessarily an one stop shop to controlling the finances of yours because it may be confined to the accounts you have at one bank. If you’ve multiple accounts from various banks and want a holistic way to handle your cash, think about building 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 your own spending budget technique with comparable efficiency to an app, following these five steps:

  1. Calculate your net income
  2. List monthly expenses
  3. Label fixed and variable expenses
  4. Determine typical monthly costs for each expense
  5. Make adjustments