WASHINGTON—More people are saving for emergencies and other unexpected expenses as the use of mobile banking soars, according to a report on the ways Americans bank released by the FDIC.
Saving for emergencies and the unexpected—such as a sudden illness, job loss, or home or car repairs rose to 64.2% of households in 2019 from 56.3% in 2015, the data show.
“The number of households that told the FDIC they use mobile as their primary way of accessing their bank accounts climbed to 34% in 2019 from 9.5% in 2015. At the same time, the use of online banking as the primary means of access to 22.8% from 36.9%,” Forbes stated in its analysis.