Category Archives: Personal Finance

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

Mobile banking is an easy method to manage the money of yours on the go and continues to grow in popularity. The truth is, fifty four % of people agreed that they normally use digital banking equipment more now, on account of the pandemic, than they did year that is last, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually crucial 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 and Gen Z are actually the two groups who are making use of mobile banking apps the most. The study noted that ninety nine % of Gen Z as well as 98 % of millennials work with a mobile banking app for a broad range of projects, including viewing account balances, examining their credit score and depositing a search. gen X and Boomers work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), although the individuals who 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%

Regardless of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and bank card issuers, today offer customers with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is designed 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 always an one stop shop to controlling your finances because it may be limited by the accounts you’ve at one bank. In case you have multiple accounts from various banks and would like a holistic way to manage the money of yours, think about creating a budget spreadsheet or maybe registering for a budgeting app or money app like Mint or else you Need a Budget.

To be able to create your very own spending budget method 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 average monthly costs for every expense
  5. Make adjustments