Millennials are well aware that money makes the world go round. In fact, a recent joint study by Bank of America and USA Today revealed that more than 40 percent of surveyed U.S. Millennials are “chronically stressed” about money. Millennials, born between 1980 and 2000, are a very large group with significant financial sway. But they’re also a group that is seeking to find their way with money.
Studies show that Millennials are more apt than other generations to use mobile banking, which provides for flexibility, convenience, and speed. But mobile banking does have its pitfalls if not used properly. That may be an underlying factor that’s causing stress in Millennials.
There are several ways to avoid mobile banking turmoil. Here are some to consider:
- Pick a mobile banking app that best suits your needs. Lots of banks are beefing up their apps with lots of great features, including mobile check deposit, where you can snap a photo of your check and deposit it electronically. These apps also provide quick access to account information, and many have additional features such as funds transfers, bill pay, and text alerts that can notify you of recent transactions or potential account overdraws. A little research into what the different mobile banking apps offer can help you find one that’s a good fit for your lifestyle. Check out the features of Bank5 Connect’s mobile app at the iTunes App Store, and the Android Google Play
- Before picking a mobile banking app, make sure it has strong safety features. Some apps are safer than others. You can usually check out customer satisfaction ratings in this area online.
- Take advantage of your bank’s budgeting tools and related resources. They can help you get a handle on such things as your spending habits. For example, Bank5 Connect’s resources include helpful retirement and savings calculators, as well as free e-Books on subjects such as starting a savings plan and identity theft protection.
- Be aware of fees that may be associated with certain mobile banking transactions. For instance, some banks charge a fee for each remote check deposit. Convenience could come at a price, depending what you want to do on your smart phone or tablet.
- Don’t rely solely on your mobile banking app to protect your financial interactions. Look into installing mobile security software on your phone or tablet. Avoid unsecured and unauthenticated Wi-Fi or private networks, such as those that are often available in public places like coffee shops and department stores. Scammers often lurk in these areas in search of unsuspecting prey. For more information about how to keep your mobile devices secure, visit the Bank5 Connect mobile security page.
- Make sure your smartphone or mobile tablet is password-protected. You don’t want to give someone easy access to sensitive personal and financial information should your device get lost or stolen. And be sure to report lost or stolen devices immediately to your financial institution and your wireless provider.
- On a related note, don’t stay “auto-logged in” to your accounts.This increases the risk that an unauthorized user could gain access to them, especially if your device is misplaced. And make sure you delete unwanted or old text messages for the same reason – to reduce exposure to fraud.
Millennials who take control of their finances will have one less thing to worry about in their lives, and hopefully these tips will make it easier, and less stressful, for them to do so!