Federal Reserve: nearly 70% of US millenials using mobile banking

A new Federal Reserve study has highlighted the growing gap in mobile banking usage between generations, with 67% of US Millennials using banking apps compared to 18% of those 60 or over. The data also showed that, perhaps surprisingly, increasing mobile app usage is not diminishing the use of other banking methods.

Since 2011, the Federal Reserve Board has conducted a survey of how consumers use their mobile phones to interact with financial institutions, make payments, and manage their personal finances. The Survey of Consumers' Use of Mobile Financial Services is launched in November of each year, and a corresponding report is released the following March.

All reports and related publications, including the most recent report, can be accessed through "Publications." Recent presentations are also available by following the corresponding link above. In addition, the data sets from previous surveys and the corresponding documentation are available through "Data."

Consumers and Mobile Financial Services 2016

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March 30, 2016

Sam Dodini, Alejandra Lopez-Fernandini, Ellen Merry, and Logan Thomas

This report presents findings from the Federal Reserve Board's fifth survey on consumers' use of mobile financial services, conducted in November 2015. It also compares results from the current survey with results from previous years' surveys.