Infographic: Mobile banking on the rise for young and old alike
By Juan Rodriguez and Aundraya Ruse
A quarterly Citi survey reveals that mobile banking is a growing trend -- and not just among younger Americans.
According to a survey of 2,001 adults released in August 2012, 49 percent of consumers own a smartphone or tablet. Of those mobile device owners, 64 percent use their device to manage their finances.
While younger consumers between the ages of 18 and 34 are still more likely to use mobile banking (71 percent, according to the survey), older Americans are embracing the technology as well. The survey found that the majority of 35- to 49-year-olds (67 percent) and 50- to 64-year-olds (53 percent) who own a mobile device use it for banking; almost half of 65-year-olds and older do the same.
"Nearly a third of Americans are already using a smartphone or tablet to manage their money, and today older generations are increasingly accounting for the growth in mobile adoption," Citi Managing Director and Head of Consumer Internet and Mobile Banking North America Tracey Weber said in a press release.
Published: September 14, 2012
- Survey: Employees less likely to borrow on cards for necessities – A fifth of employees have to borrow on their credit cards to pay for monthly necessities, a study by PwC shows, but overall, workers' financial wellness is improving ...
- NY Fed: Debt in collection shrinks – The percentage of accounts in collections and the average size of those debts both shrank, according to new data from the New York Fed ...
- What ID thieves do with the financial data they steal – High-tech hackers get all the headlines, but an analysis of identity theft claims data by Travelers show the most common way stolen data gets used is a low-tech one: Thieves snatch a card, then go out and use it ...