Millennials Have More Banking Apps than Other Generations

Mobile banking has officially gone mainstream: 55% of U.S. adults have at least one full-service banking app on their phones now, according to a study conducted by BankRate.

Additionally, those consumers with bank apps are active users, with 70% stating that they use their app at least once a week, the survey of 1,156 adults found.

In addition to full-scale banking apps, a large quantity of users (41%) had a P2P app—such as Venmo, Square Cash, or PayPal—on their phones. While these figures represent data from Baby Boomer, Gen X, and millennial users, millennials tend to have more banking apps and services on their phones than the other two generations.

Of millennial users, 31% said they had a separate investing app on their phone, while 34% said they had another budgeting app on their phone. Only 15% of Gen Xers stated that they had another budgeting app, according to the survey.

Only 17% of all adults surveyed reported having separate investing apps, while only 18% reported separate budgeting apps.

The most popular choices for these categories include Mint and Clarity Money for budgeting, with Stash, Acorns, and Betterment as the top choices for mobile investing.

Take a look at the full report here.

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