Is Saving the New Retail Therapy?
Saving is key to finding financial bliss according to CIT Bank's new survey
NEW YORK, Oct. 7, 2019 /PRNewswire/ -- Two-thirds of U.S. consumers believe saving money brings more happiness than spending it, according to CIT Bank's new Financial Bliss Survey conducted by The Harris Poll1. The survey results launch today and measure how U.S. consumers think and feel about money.
"The enjoyment of saving money outweighs the instant gratification of impulsive spending for most," said Ravi Kumar, head of CIT's direct bank. "This finding suggests that saving can be a fundamental tool to feeling satisfied about one's financial situation, or alternatively, be a source of stress if goals fall short."
With nearly half the population saying they constantly worry about money (45%), it's no surprise that money is the top reason people lose sleep (32%), compared to relationships (20%), work (15%), and the "fear of missing out" socially (4%). The good news is 39% of consumers are prioritizing savings in 2019, up from 23% in CIT Bank's 2018 survey.
What would you do to save $100 each month?
Cutting some discretional spending, such as shopping, is the top strategy consumers are willing to adopt to save $100 each month (43%), followed by adding an additional source of income (27%), and reducing other more specific saving priorities like retirement (17%). Gen Z, Millennials and Gen Xers are twice as likely as Boomers and Seniors to say they would need an additional source of income to save $100 or more.
Find your Financial Bliss
"With many admitting they can cut back to save $100 or more each month, we're aiming to empower consumers to make smart savings choices and build a habit of saving to meet their goals more effectively," continued Kumar.
CIT Bank's newest digital savings product Savings Builder is designed to reward consistent savers and provides a higher rate for those who make a deposit of at least $100 on a monthly basis.
Learn more about CIT Bank's 2019 Financial Bliss Survey and how to establish smart savings strategies here.
About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of June 30, 2019, 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.
MEDIA RELATIONS:
Olivia Weiss
212-771-9657
[email protected]
1 This survey was conducted online within the United States by The Harris Poll on behalf of CIT between March 29 to April 10, 2019 among 2,005 U.S. adults aged 18 and older. Figures for age by gender, race/ethnicity, education, region, income, marital status, employment, and household size were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents' propensity to be online. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
SOURCE CIT Group Inc.
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