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Personal Finance

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

Mobile banking is a handy way to handle the money of yours on the go and continues to grow in popularity. In fact, 54 % of customers agreed they use digital banking equipment more now, due to the pandemic, than they did last year, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is crucial for consumers of all 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 actually the two groups who are making use of mobile banking apps the best. The study noted that 99 % of Gen Z and ninety eight % of millennials use a mobile banking app for a wide variety of projects, including viewing account balances, examining the credit score of theirs and depositing an inspection. gen X and Boomers work with mobile banking apps less (86.5 % and 69.5 %, respectively), though the individuals which do are still 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 isn’t going anywhere: Most financial institutions, including banks and credit card issuers, now 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, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great advantage, it is not necessarily a one-stop shop to controlling your finances since it might be limited by the accounts you have at one bank. If you’ve numerous accounts from various banks and would like a holistic way to handle your money, consider building a budget spreadsheet or signing up for a budgeting app or money app like Mint or else you Need a Budget.

To be able to create the very own spending budget process of yours with similar 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 month charges for every expense
  5. Make adjustments

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