Mobile banking a hit with young adults

Bankrate Audio » Mobile Banking A Hit With Young Adults

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One of every 5 U.S. consumers used a mobile phone to access a bank, credit card or financial account during the 12-month period that ended January 31, 2012, according to a recent survey of 2,300 people by Knowledge Networks. I'm Clark Palmer with your Personal Finance Minute.

The survey's findings suggest that mobile banking is poised to expand further with usage possibly increasing to 1 out of every 3 mobile phone users by next year, according to a Federal Reserve statement about the survey.

Mobile banking is highly correlated with age. In fact, people in the 18-to-29-year-old age group accounted for 44 percent of mobile banking users. On the other hand, people ages 60 or older accounted for just 6 percent of all mobile banking users.

But, the survey also found that many consumers remained skeptical of the benefits of mobile banking and the level of security. Also, the majority of consumers who owned a mobile phone but didn't use mobile banking said they didn't need these services or expressed security concerns.

Nonusers were also more likely to say they believe mobile banking wasn't secure.

For more on mobile banking, visit I'm Clark Palmer.


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