Published : Tuesday, December 19, 2017 | 6:28 PM
Millenials and Gen Xers are at least twice as likely to prioritize savings as a New Year’s resolution than Baby Boomers, a survey by Pasadena-based CIT bank showed.
The survey, conducted online between October 3-5, 2017, by Harris Poll on behalf of CIT, showed 67 percent of millennials and 54 percent of Gen X respondents plan to include savings as a goal in the New Year, compared to just 27 percent of boomers.
All generations prioritize savings for emergencies, with Gen X leading the pack at 63 percent, millennials at 61 percent, and boomers at 51 percent.
“Gen Xers are in the prime earning stage of life and understand the importance of saving for both short- and long-term expenses,” said Ravi Kumar, head of Internet Banking at CIT Bank. “High Yield Savings Accounts can be a smart choice to allow your savings to grow, while still having access to funds for short-term goals or emergencies. CDs are a good solution for longer-term savings goals.”
CIT Bank’s survey also showed Gen Xers and millennials are more likely to believe certain tools or strategies could help them save more.
For example, 39 percent of millennials and 35 percent of Gen Xers think new bank programs make it easier to save, compared to 21 percent among boomers.
Another 41 percent of millennials and 21 percent of Gen Xers look to lower interest rates on loans to save compared to 16 percent of boomers. Millennials and Gen Xers also favor innovative savings products, like software-based apps, more than boomers.
The online survey was taken among 2,185 adults in the United States ages 18 and older.
CIT Bank is the principal bank subsidiary of CIT, a financial holding company founded in 1908. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.
For more information, visit www.cit.com.