Millennials are spending more time on their mobile devices and the increased dependency is paying off financially, according to a BMO Bank of Montreal report.

The findings are part of a series from BMO on Millennials, those born between 1981 and 2001. 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,” says Tatiana DaCosta, head of online and mobile banking Canada, BMO Financial Group.

The survey revealed:

> Six in 10 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 10 (82 per cent) pay their bills on time more often.

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 25 and 28.