TORONTO, ONTARIO--(Marketwired - May 23, 2014) - According to a BMO Bank of Montreal report, Millennials are spending more time on their mobile devices - ranking them as one of their most cherished personal items, and the increased dependency is paying off financially.
The findings are part of a series from BMO on Millennials - those born between 1981 and 2001. The poll, conducted by Pollara, revealed a snapshot of young mobile users, and found:
- Two-thirds (66 per cent) of young mobile users rely heavily on their device, and many consider their device one of their most important possessions; with three quarters saying they feel lost without it (73 per cent)
- Young users now spend 78.4 hours a month on a mobile device - more time than commuting to work (50.4 hours) or watching TV (72.8 hours)
- Half of young users (50 per cent) would opt to give up their computer over their mobile device, while 70 per cent would rather hand over their television.
- One-third (33 per cent) would rather lose their wallet over their device, and 46 per cent would rather lose their keys
- The majority of young mobile users (65 per cent) have a financial app - more popular than news, sports, and health/fitness apps
"The millennial generation is leading the charge in terms of adopting new technologies and integrating them into their everyday lives, and as a result, are relying on their mobile devices more than ever before to complete day to day tasks - particularly when it comes to managing their finances," said Tatiana DaCosta, Head of Online and Mobile Banking Canada, BMO Financial Group.
Ms. DaCosta noted that financial apps are rapidly evolving to not only provide Canadians convenient access to their personal finances, but also represent an alternative and effective money management tool.
In fact, the survey revealed:
- Six in ten young users (63 per cent) now use mobile banking on a weekly basis to check their account balances, and review transactions (56 per cent).
- Since they began using a financial app, nine in ten (88 per cent) are managing their finances more effectively and know exactly what is going on with their finances at all times
- 85 per cent have better control over their spending, while three-quarters (74 per cent) are overdrawn on their account less often
- 84 per cent are able to make better purchasing decisions while on the go
- Eight in ten (82 per cent) pay their bills on time more often
BMO offers the BMO Mobile Banking App which allows customers to quickly view accounts and transaction history, transfer funds, pay bills and book branch appointments in real time, making completing everyday transactions quick and easy. For more information or to download the BMO app, please visit bmo.com/mobile.
Survey results cited in this report are from interviews with an online sample of 1,000 Canadians who own a mobile device (either a smartphone or tablet), with 325 of these being in the Millennials age group (under 35). The survey was conducted between April 25th and 28th, 2014. As a guideline, a probability sample of 1000 would yield results accurate to ± 3.1%, 19 times out of 20, while a probability sample of 325 would yield results accurate to ± 5.4%, 19 times out of 20.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group has total assets of $593 billion and more than 45,500 employees as at January 31, 2014.