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Younger US Internet Users More Plugged in to Digital, Mobile Banking

Mobile payment services appeal more to the younger set

March 16, 2016

Nearly half (46%) of US internet users ages 21 to 30 have a student loan, as opposed to just 17% of those 31 or older, according to September 2015 polling from Chadwick Martin Bailey. Just 18% of the former have a mortgage, while nearly half of those over 30 do.

Banking/Financial Products Owned by US Internet Users, by Age, Sep 2015 (% of respondents in each group)

While many of the other financial products studied were similarly likely to be owned by US internet users across the age breakdown—93% of those 21 to 30 have a checking account, while 95% of those over 30 do; for credit cards, the figures are 87% and 85%, respectively—there are still some notable differences.

For example, 90% of those ages 21 to 30 own a debit card; 75% of those over 30 do. And while 24% of those over 30 own a money market account—not an astronomical figure—only 10% of 21- to 30-year-olds do.

The younger age range in this survey is slightly more likely to use digital or mobile banking. Nearly nine in 10 (89%) 21- to 30-year-olds check their account balance through a mobile website or app; 82% of those over 30 do the same. They’re also more likely to pay bills online (87%) than their older counterparts (75%), while 79% of those 30 or over write paper checks, compared to 63% of those ages 21 to 30.

Finance-Related Activities Conducted by US Internet Users, by Age, Sep 2015 (% of respondents in each group)

As for the apps banking and financial apps used, PayPal is most popular with both age ranges: 60% of those ages 21 to 30 use it, while 54% of those over 30 do. After PayPal, however, figures plummet for the older group; just 1% of those over 30 use Venmo, for example, while 18% of those under 30 do.

Older US internet users are certainly using mobile and digital banking, but they’re far pickier about what they use.

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