A study by the American Banker’s Association in September of 2022 shows that different generations manage their finances differently. Overall, the complete list of banking methods is ranked in popularity as follows:

- Mobile App – 45%
- Online – 27%
- Bank Branches – 14%
- ATM – 6%
- Telephone – 3%
- Mail – 2%
This research shows that mobile banking using an app on a smart device is the most popular banking method, followed directly by online banking, which can also be done via a web browser on a mobile device. On a smaller scale, divided by generation, it is evident that mobile banking is the most popular for three of the four generations actively managing their finances.

Your mobile device provides convenient access to your email, bank, and social media accounts. Unfortunately, it can potentially provide the same convenient access for criminals. Follow these tips to keep your information – and your money – safe.
- Use a passcode lock on your devices.
- Log out of the app or website completely when you finish a mobile banking session.
- Be cautious when downloading apps. Apps can contain malicious software and viruses. Beware of apps that ask for unnecessary “permissions” and delete unused or rarely used apps.
- Download the updates for your phone and mobile apps. Setting your device to automatically download updates for applications is a great way to ensure you do not miss a safety or security patch.
- Avoid storing sensitive information on your mobile device.
- Tell your financial institution immediately if you change your phone number or your mobile device is lost or stolen.
- Be aware of your surroundings. The most basic form of information theft is observation. Ensure nobody is watching over your shoulder, especially when you’re entering sensitive information.
- Wipe your mobile device before you donate, sell or trade it. Additionally, some software allows you to wipe your device remotely if your device is lost or stolen.
- Beware of phishing. Avoid opening links and attachments in emails and texts, especially from senders you don’t know.
- Watch out for public Wi-Fi. Public connections aren’t very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network, or consider using a Virtual Private Network (VPN).
- Report suspected fraud to your financial institution immediately.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or info@lptrust.com.