Saving For a Home Is Not a Priority for Most Americans...
...According to Plinqit’s State of Savings Report
New Plinqit survey reveals top savings priorities for today’s consumers
ANN ARBOR, Mich., Feb. 14, 2023 – Plinqit, the first platform that brings together automated savings, data-driven financial wellness content and virtual account management, reveals that a majority of Americans say they are no longer actively saving for a home, 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.
Plinqit’s State of Savings Report found that less than 20 percent of surveyed adults are saving to purchase a home, mirroring the current trends of declining mortgage applications. In Q3 of 2022, the Mortgage Bankers Association reported that mortgage applications fell to the lowest level in more than two decades. Record-high home prices and, more recently, rising interest rates have likely contributed to the roadblocks today’s Americans face, but most Millennials and Gen Z adults still dream of owning a home. In fact, Bankrate reports that 74 percent of young adults view homeownership as a marker of success. However, Plinqit’s State of Savings Report shows that today’s Americans are uncertain they can save enough money to afford buying a home.
“Home prices remain stubbornly high, and affordability grows more challenging as inflation persists,” said Kathleen Craig, founder and CEO of Plinqit. “Despite these challenges, many Americans equate homeownership as the top hallmark of achieving the American Dream – surpassing the ability to retire, raise children or advance their career.”
Craig continued, “Financial institutions can help their customers realize that owning a home is within reach and that saving is the first step because it is never too late to begin pursuing the path toward homeownership.”
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 a down payment on a home, 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, including mortgage offers, in a more meaningful way.
To access the full State of Savings Report, click here. To view the State of Savings infographic, 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.