A quarterly survey conducted by Citi revealed that consumers who bank using their mobile device is growing, even among older age groups.
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.