Published : Friday, December 7, 2018 | 6:29 AM
A new survey by a Pasadena bank is upending common perceptions that younger people can be less focused on saving for the future.
According to CIT Bank’s new 2018 Holiday Savings Survey, more than half of Gen Z and Millennial U.S. consumers will prioritize savings as a New Year’s resolution, compared to only about a third of Gen X and Boomer generations.
“Gen Z and Millennial generations are demonstrating how much they value preparing financially for future priorities,” said Ravi Kumar, head of Internet Banking at CIT Bank. “These generations are leading the way in setting consistent, manageable saving goals for 2019.”
Getting Ahead of the Holidays
When it comes to saving for holiday shopping, one in three consumers report they save consistently. Yet Millennial and Gen Z consumers still lead in staying prepared (37 and 36 percent), in comparison to Gen X and Boomer consumers (30 percent).
Still, only one in ten have an established account specifically dedicated to holiday savings, suggesting more can be done to get ahead of anticipated seasonal spending.
Establishing a Smart Savings Strategy
Despite variations in making saving a priority during the holiday season, three quarters of U.S. consumers are willing to stick to a strategy that encourages saving $100 each month.
“From working out to staying organized, the most popular resolutions have one thing in common, their focus on forming a habit,” mentioned Kumar. “CIT Bank’s Savings Builder account helps consumers kick start forming a habit of saving consistently by rewarding those who deposit at least $100 each month with a higher interest rate.”
“Keeping a New Year’s goal is a challenge for most, however, automating your savings ensures you can stick to your goals without any added effort,” he continued.
$100 Monthly Savings, 100 Meals
Along with establishing a smart savings strategy, consumers can also give back to people in need this holiday season. For every Savings Builder opened between Nov. 27 and Dec. 20, CIT Bank is donating 100 meals to Feeding America as part of parent company CIT’s #GiveLikeYou campaign.
For more information about CIT Bank’s new survey visit https://www.cit.com/cit-bank/learn/articles/holiday-savings-survey/.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. CIT, -1.88%is a financial holding company with over a century of experience, approximately $50 billion in assets as of Sept. 30, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT’s consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.