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

Mobile banking is an easy method to handle your money on the go and continues to raise in popularity. In fact, 54 % of consumers agreed that they use digital banking tools more today, on account of the pandemic, than they did last year, in accordance with the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is important for customers 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 and Gen Z are actually the 2 groups that are making use of mobile banking apps the best. The study discovered that 99 % of Gen Z as well as ninety eight % of millennials work with a mobile banking app for a wide range of tasks, including viewing account balances, checking the credit score of theirs and depositing a check. Boomers and gen X use mobile banking apps less (86.5 % as well as 69.5 %, respectively), although the people which 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 offer clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for example, is offered to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great asset, it is not always a one-stop shop to managing your finances since it may be limited by the accounts you have at one bank. If you have a number of accounts from diverse banks and would like a holistic method to manage your cash, think about creating a budget spreadsheet or maybe registering for a budgeting app or money app as Mint or perhaps you Want a Budget.

In order to create the very own spending budget technique 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 adjustable expenses
  4. Determine typical monthly costs for every expense
  5. Make adjustments