Millennials and Gen Z are the most likely to work with mobile banking apps

Mobile banking is a handy way to handle your cash on the go and will continue to develop in popularity. In reality, 54 % of people agreed that they often use digital banking equipment more now, as a result of 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 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 plus Gen Z are actually the 2 groups that are making use of mobile banking apps the best. The study found that 99 % of Gen Z and ninety eight % of millennials apply a mobile banking app for a wide range of activities, such as viewing account balances, checking the credit score of theirs and depositing an inspection. Boomers and gen X work with mobile banking apps less (86.5 % along with 69.5 %, respectively), although the ones that do are still 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%

Regardless of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and charge card issuers, now offer clients with user-friendly mobile apps for their smartphones. The Chase Mobile app, for example, is actually offered 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 controlling your finances since it might possibly be confined to the accounts you have at one bank. If you’ve numerous accounts from different banks and are interested in a holistic method to handle your money, consider setting up a budget spreadsheet or registering for a budgeting app or money app like Mint or perhaps you Need a Budget.

To be able to create your very own spending budget technique with similar functionality 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