Filed Under:Markets, Gen X Y

Millennials managing finances more effectively with apps

Millennials’ frequent use of mobile devices is reaping financial benefits for them, according to new research.

BMO Financial Group discloses this finding in a the latest of a series of surveys on Millennials — those born between 1981 and 2011. The poll, conducted by Pollara, revealed a snapshot of young mobile users, and found:

  • 66 percent of young mobile users rely heavily on their device, and many consider their device one of their most important possessions; with 73 percent saying they feel lost without it;
  • Young users now spend 78.4 hours a month on a mobile device — more time than commuting to work (50.4 hours) or watching TV (72.8 hours);
  • 50 percent would opt to give up their computer over their mobile device, while 70 percent would rather hand over their television;
  • 33 percent would rather lose their wallet over their device, and 46 percent would rather lose their keys; and
  • 65 percent of young mobile users have a financial app — more popular than news, sports and health/fitness apps

“The millennial generation is leading the charge in terms of adopting new technologies and integrating them into their everyday lives, and as a result, are relying on their mobile devices more than ever before to complete day to day tasks, particularly when it comes to managing their finances," says Tatiana DaCosta, head of Online and Mobile Banking Canada, BMO Financial Group.

DaCosta noted that financial apps are rapidly evolving to not only provide Canadians convenient access to their personal finances, but also represent an alternative and effective money management tool.

In fact, the survey revealed:

  • 63 percent now use mobile banking on a weekly basis to check their account balances, and review transactions (56 percent);
  • Since they began using a financial app, 88 percent are managing their finances more effectively and know exactly what is going on with their finances at all times;
  • 85 percent have better control over their spending, while 74 percent are overdrawn on their account less often;
  • 84 percent are able to make better purchasing decisions while on the go; and
  • 82 percent pay their bills on time more often.

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