Parents More Likely to Be Saving Than Consumers Without Children, According to Plinqit Report
Plinqit’s State of Savings survey report reveals top savings priorities for today’s consumers
ANN ARBOR, Mich., Apr. 25, 2023 – Plinqit, the first platform that brings together automated savings, data-driven financial wellness content and virtual account management, reveals that parents of children under 18 are more likely to be saving for a purchase than consumers without children, according to the company’s recent 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.
Plinqit’s State of Savings Report found that top savings categories vary by parental status, with 95 percent of parents reporting they are actively saving for the future or an upcoming purchase compared to 89 percent of adults without kids. In addition, parents of kids under 18 tend to prioritize saving to pay off debt, while those who are not parents are more likely to prioritize saving for travel this year. The financial obligations associated with raising children, such as housing, transportation and educational expenses, likely contribute to the variations in savings priorities across the two demographics.
“It’s no surprise that kids typically come with higher living expenses for families, often in the form of a larger home, a roomier car, medical expenses and educational costs, such as saving for college. What is a surprise is that couples who don’t have children aren’t saving more,” said Kathleen Craig, founder and CEO of Plinqit. “Good savings and financial habits are essential for all consumers, regardless of parental status, and parents who demonstrate healthy financial behaviors set a positive example for their children and can help them build a strong financial foundation early on.”
“Financial institutions can also support all families along their financial journey by making it easy to contribute to savings consistently, and by providing them with the tools and resources they need to reach their goals. The data show how family status impacts financial goals, and it’s key for banks and credit unions to deeply personalize the experience to offer meaningful support for every situation in the communities they serve.”
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 members, and expand their retail footprint. With Plinqit, customers and members can pursue specific financial goals 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 way that deepens relationships with account holders.
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 low-cost 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.