Category Archives: Personal Finance

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

Mobile banking is an easy way to manage the money of yours on the go and will continue to raise in popularity. The truth is, 54 % of people agreed that they often use digital banking equipment more today, as a result 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 actually important for consumers of all ages to confidently deal with 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 two groups that are using mobile banking apps the best. The study discovered that ninety nine % of Gen Z as well as ninety eight % of millennials apply a mobile banking app for a wide variety of activities, including viewing account balances, checking their credit score and depositing an inspection. Boomers and gen X use mobile banking apps less (86.5 % as well as 69.5 %, respectively), however, the people that do continue to be 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 isn’t going anywhere: Most financial institutions, including banks as well as credit card issuers, now provide clients with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is actually offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is a great advantage, it’s not always a one-stop shop to controlling the finances of yours since it might be limited by the accounts you’ve at one bank. In case you have multiple accounts from different banks and are interested in a holistic way to handle your hard earned dollars, consider setting up a budget spreadsheet or maybe registering for a budgeting app or money app as Mint or perhaps you Need a Budget.

To be able to create your very own budget technique with similar functionality to an app, following these 5 steps:

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