Almost one in two (47 percent) U.S. consumers admit they wouldn’t last a day without their smartphone, and many consider their devices more important than daily staples such as coffee and television, according to a new report released today by Bank of America. Of those who use their phones for banking, almost one-third (31 percent) say they log on at least once a day, and four out of five (82 percent) access their accounts at least once a week or more.
These findings are part of the inaugural Bank of America Trends in Consumer Mobility Report, a study that explores broad mobile trends and banking behaviors among adult consumers across the country who own a smartphone and have an existing banking relationship. The survey found that mobile connectivity is so critical, the smartphone falls below only the Internet and personal hygiene when ranked by importance to people’s daily lives. Ninety-one percent say their mobile phone is very important, just as important as their car (91 percent) and deodorant (91 percent); and significantly more important than television (76 percent) and coffee (60 percent).
The report also found that the youngest millennials ages 18-24 are most likely to view their mobile phones as very important (96 percent) — more so than deodorant (90 percent) and even their toothbrush (93 percent).
“Mobile phones have changed the way we live our daily lives, and that extends to our finances,” said Marc Warshawsky, senior vice president and mobile solutions executive at Bank of America. “Bank of America now has more than 15 million active mobile banking users who access their accounts on a mobile device over 165 million times per month. We’ve seen this number continue to grow and recently the number of monthly mobile banking logins surpassed online banking logins for the first time.”