Click here to close now.




















Welcome!

News Feed Item

BMO Poll: Heavy Dependence on Mobile Devices Among Millennials Changing Financial Behaviours

- Young mobile users spend an average of 78.4 hours monthly on devices

TORONTO, ONTARIO -- (Marketwired) -- 05/23/14 -- 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 2011. 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with ...
The Cloud industry has moved from being more than just being able to provide infrastructure and management services on the Cloud. Enter a new era of Cloud computing where monetization’s services through the Cloud are an essential piece of strategy to feed your organizations bottom-line, your revenue and Profitability. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed how to easily o...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. The DevOps approach is a way to increase business agility through collaboration, communication, and integration across different teams in the IT organization. In his session at DevOps Summit, Chris Van Tuin, Chief Technologist for the Western US at Red Hat, will discuss: The acceleration of application delivery for the business with DevOps
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...