More Americans are banking digitally than ever before, both on their computers and their mobile phones.
Pew Research Center found that 51% of U.S. adults now bank online using their computers, up from 46% in 2010.
Though not as widespread, there’s been a huge increase in mobile banking, with 32% of American adults reporting using their mobile phones to conduct bank business. That’s up considerably from 18% of cellphone users in 2011.
The Millennial Generation is leading the mobile banking trend, with 54% of 18- to 29-year-olds using the service.
We doubt anyone finds that surprising. Let’s face it: This group is rarely without a smartphone in hand.
But older demographics put up impressive numbers as well, with 40% of 30- to 49-year-olds using mobile banking and a quarter of 50- to 64-year-olds.
Younger adults also led in online banking, but only slightly over 30- to 49-year-olds.
- Men are more likely to bank online than women, 63% to 58%, but both genders banked equally on their mobile phones.
- Those who have completed some college are more likely to bank digitally.
- Mobile and online banking is highest among those who earn more than $50,000 annually.
- Nonwhites are more likely to bank on their cellular phones. Only 32% of whites reported using mobile services, while 39% of blacks and 41% of nonwhites, including Hispanics, did.
- 66% of suburbanites reported banking online, while only 62% of city dwellers did – and 42% of people in rural areas.
Results from last week’s question: 36% of respondents said they would feel wealthy with at least $5 million in assets; 24% said it would only take $1 million.