Millennials and Gen Z are probably the most probable to make use of mobile banking apps

Mobile banking is a handy method to handle your cash on the go and continues to develop in popularity. In fact, fifty four % of people agreed that they often use digital banking equipment more now, on account 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 essential for consumers 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 the two groups that are using mobile banking apps the most. The study found that ninety nine % of Gen Z as well as ninety eight % of millennials use a mobile banking app for a broad range of projects, including viewing account balances, examining the credit score of theirs and depositing a search. Boomers and gen X use mobile banking apps less (86.5 % along with 69.5 %, respectively), however, the people 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%

Inspite of the generational differences, mobile banking will not be going anywhere: Most financial institutions, including banks as well as credit card issuers, now offer clients with user friendly mobile apps for their smartphones. 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 an excellent asset, it is not necessarily a one-stop shop to managing the finances of yours since it might possibly be limited by the accounts you’ve at one bank. In case you’ve a number of accounts from diverse banks and want a holistic method to manage your hard earned dollars, consider setting up a budget spreadsheet or maybe signing up for a budgeting app or money app as Mint or you Want a Budget.

In order to create your own spending budget process with similar efficiency to an app, following these 5 steps:

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