Election Results Expected to Have Minimal Impact on How Americans Save

NEWTON, Mass., Oct. 18, 2012 /PRNewswire/ -- BestCashCow.com, an online resource for comprehensive bank rate information, today released results of its user survey on trends in banking and savings decisions.  The survey, conducted between September 28 - October 16, 2012, polled 653 users nationwide on topics ranging from how they choose a bank to whether the presidential election will have an impact on their savings decisions.

"During this campaign season, candidates have focused a great deal of attention on the economy and its impact on American households," said Sol Nasisi, president of BestCashCow.  "However, most Americans have not changed their savings habits significantly in the past four years and don't expect the election results to have a meaningful impact on their ability to save going forward.  The results do show that savers across all age groups heavily use the Internet to manage their savings."

Most Savers Not Expecting Election to Impact Savings and Investing Decisions

Regardless of who wins the election, 76% of savers say it won't have a significant impact on how they manage their money. That number drops to 60% for those over 65. "Older savers may be more anxious about the election since any changes to Social Security and Medicare will have an immediate impact on their finances," said Mr. Nasisi.

Great Recession Hasn't Impacted Savers' Habits

• Despite record low interest rates, 81% of respondents haven't been pushed to withdraw their money from the bank. A majority of respondents said that their savings and investing habits haven't changed over the past four years, including 74% of respondents 65 and over.
• Bankers beware though. Sixty-five percent said a higher rate could entice them to open an account elsewhere.

Savers Use Technology to Manage their Finances

• The Internet has changed the way we do banking.  Today, 55% of consumers do the majority of their banking transactions via computer compared to 36% who visit a branch.
• Twenty-six percent research banks online, the most common method of learning about new banks.
• Seventy-four percent were somewhat or very influenced by online reviews. 

For the full press release and additional survey results, visit: www.bestcashcow.com/media.

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SOURCE BestCashCow.com