Younger Adults More Likely to Be Saving for a Purchase Than Older Adults...
...According to Plinqit’s State of Savings Report
New Plinqit survey reveals top savings priorities for today’s consumers
ANN ARBOR, Mich., March 8, 2023 – Plinqit, the first platform that brings together automated savings, data-driven financial wellness content and virtual account management, reveals that younger Americans are more likely than older Americans to say they are saving for something this year, according to the company’s 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 nearly 95 percent of adults ages 18 to 55 are saving for a purchase this year compared to 85 percent of those age 65 or older. Specifically, younger adults ages 18 to 44 are more likely to be saving for a vehicle or a home compared to adults who are 45 years or older. Of those between the ages of 18 and 44, 40 percent are saving to buy a vehicle and 30 percent are saving for a home, whereas only 23 percent of adults ages 45 and up are saving for a vehicle and only 10 percent are saving to buy a home. Younger adults are also four times more likely to be saving for a major life event compared to adults who are ages 45 and older. For adults ages 55 and up, travel and retirement are among the top savings priorities.
“Gen Z and millennial adults have navigated their share of economic challenges, from the Great Recession of 2008 to a global pandemic,” said Kathleen Craig, founder and CEO of Plinqit. “Unsurprisingly, each of these economic events has had a major impact on the spending and savings habits of every generation.”
Craig continued, “It’s inspiring to see that both generations understand the importance of saving money and are actively working toward their financial goals. Community financial institutions can help these adults, who may be just starting their journey toward financial wellness, and empower them to achieve their goals, no matter what they’re saving for.”
Plinqit’s mission is to help individuals of all ages 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 purchasing a home or a vehicle, 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 and auto loan offers, in a way that truly resonates with account holders.
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.