Plinqit’s State of Savings Report reveals consumer savings habits by household income
New Plinqit survey reveals top savings priorities for consumers
ANN ARBOR, MI (March 28, 2023) — Plinqit, the first platform that brings together automated savings, data-driven financial wellness content and virtual account management, reveals that top savings categories vary based on household income, according to the company’s latest 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.
Americans with lower annual household incomes tend to prioritize saving for debt payoff, while those with higher household incomes are more likely to prioritize saving for an emergency fund or for travel. Plinqit’s State of Savings report found that consumers with a household income of more than $100,000 were more likely than those with household incomes of less than $100,000 to say they are saving for travel (52% vs. 37%), retirement (51% vs. 25%) and paying for college (17% vs. 12%).
“Americans have been forced to strike a balance between their lifestyle choices and their savings priorities in the current economy,” said Kathleen Craig, founder and CEO of Plinqit. “When making choices between short-term and long-term savings, it makes sense that consumers in low- to middle-income sectors have to focus on their more immediate financial needs. But, wouldn’t it be a welcome change to help these consumers shift their savings behavior and reduce their financial worries?”
“By understanding their account holders’ unique financial situations, goals and saving priorities, banks and credit unions can provide them with personalized tools and resources to foster positive financial behavior – such as paying off debt or building their emergency fund. Even as the country grapples with inflation, customers of all income levels have shown their dedication to growing their savings while lowering their debt obligations. Community financial institutions can concretely support their customers as they strive to create a more optimistic financial future for themselves.”
Plinqit’s mission is to help individuals and families live their best financial life while helping community banks and credit unions generate low-cost deposits, attract new customers and expand their retail footprint. The company’s platform is the first savings platform of its kind to bring together automated savings, data-driven financial wellness content, and virtual account management.
With Plinqit, customers can save for specific goals, such as contributing to their emergency fund or future travel, using an automated mobile experience that makes saving money fun, rewarding and social. For financial institutions, the platform makes it easy to provide relevant advice and cross-sell your products in a more meaningful way.
To access the full State of Savings Report, click here.
About Plinqit
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.
