Mobile banking is a convenient way to manage your money on the go and continues to raise in popularity. In fact, 54 % of people agreed that they normally use digital banking tools more now, as a result of the pandemic, than they did year that is last, according to the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is actually crucial for buyers of all the 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 and Gen Z are actually the two groups that are making use of mobile banking apps the most. The study found that 99 % of Gen Z and ninety eight % of millennials work with a mobile banking app for a wide variety of tasks, such as viewing account balances, examining their credit score and depositing an inspection. Boomers and gen X work with mobile banking apps less (86.5 % along with 69.5 %, respectively), though 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%|
|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 isn’t going anywhere: Most financial institutions, including banks and charge card issuers, today offer clients with user-friendly mobile apps for their smartphones. The Chase Mobile app, for example, is available 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 an one stop shop to managing your finances as it may be limited to the accounts you’ve at one bank. In case you have multiple accounts from diverse banks and want a holistic technique to handle the money of yours, consider building a budget spreadsheet or maybe signing up for a budgeting app or money app as Mint or perhaps you Want a Budget.
In order to create your own spending budget method with comparable functionality to an app, following these five steps:
- Calculate your net income
- List monthly expenses
- Label fixed and variable expenses
- Determine average monthly charges for every expense
- Make adjustments