Plinqit’s State of Savings Report finds 43% of consumers are saving for emergencies
Latest Plinqit Survey reveals top savings priorities for consumers
ANN ARBOR, MI (January 10, 2023) — Plinqit, the only savings platform of its kind that pays users for learning about personal finances, reveals that nearly half of Americans say they are setting money aside for an emergency fund, according to the company’s recently published State of Savings Report. The report uncovers new insights into the savings habits of consumers based on a Harris Poll survey of more than 2,000 U.S. adults.
Financial experts have always emphasized the importance of building an emergency fund as a buffer to pay for large, unexpected expenses, such as medical bills, home repairs or even job losses. Plinqit’s State of Savings Report proves that consumers are taking this advice to heart, as 43 percent say they are actively contributing to their emergency funds, both for short-term and long-term expenses. Nearly one-third of Americans, 32 percent, are putting aside money for a long-term emergency fund and 28 percent are saving for a short-term emergency fund.
“It’s no secret that life is full of unexpected expenses that can devastate a family’s finances,” said Kathleen Craig, founder and CEO of Plinqit. “While the price increases for everyday necessities leave many U.S. households with financial stress, consumers remain focused on building up their emergency savings even in these trying times. Providing tools to help them be successful in their savings goal is critical for financial institutions”
Craig continued, “Our State of Savings Report shows Americans are prioritizing contributions to both short-term and long-term emergency funds, which is proof that consumers understand the importance of making good financial decisions that boost their resilience in the face of economic downturns. At Plinqit, we believe that establishing strong savings habits and making smart financial decisions are the first steps toward achieving sustained financial wellness.”
With record-high inflation causing spikes in prices, today’s consumers have been forced to be more strategic and diligent about their savings habits. Plinqit remains focused on empowering consumers with a free, simple and rewarding way to save and plan for future financial needs. Unlike any other savings platform on the market, its patented Build Skills™ pays users for engaging with content, driving higher engagement and deposit growth for financial institutions. As a result, individuals using Plinqit are successfully hitting their savings goals while increasing their personal finance skills.
To access the full State of Savings Report, click here.
Plinqit is a mobile-first platform and fintech company helping banks and credit unions generate deposits, attract new customers, and expand their retail footprint while helping people live their best financial life. The Plinqit platform is the first savings platform of its kind to bring together automated savings, data-driven financial wellness content, and virtual account management. At Plinqit, we’re helping everyone Money Intelligently™. For more information, visit info.plinqit.com.