PASADENA, Calif., Dec. 6, 2018 /PRNewswire/ -- A new survey is
upending common perceptions that younger people can be less focused
on saving for the future.
According to CIT Bank's new 2018 Holiday Savings
Survey1, more than half of Gen Z and Millennial U.S.
consumers will prioritize savings as a New Year's resolution,
compared to only about a third of Gen X and Boomer
generations.2
"Gen Z and Millennial generations are demonstrating how much
they value preparing financially for future priorities," said
Ravi Kumar, head of Internet Banking
at CIT Bank. "These generations are leading the way in setting
consistent, manageable saving goals for 2019."
Getting Ahead of the Holidays
When it comes to saving for holiday shopping, one in three
consumers report they save consistently. Yet Millennial and Gen Z
consumers still lead in staying prepared (37 and 36 percent), in
comparison to Gen X and Boomer consumers (30 percent).
Still, only one in ten have an established account specifically
dedicated to holiday savings, suggesting more can be done to get
ahead of anticipated seasonal spending.
Establishing a Smart Savings Strategy
Despite variations in making saving a priority during the
holiday season, three quarters of U.S. consumers are willing to
stick to a strategy that encourages saving $100 each month.
"From working out to staying organized, the most popular
resolutions have one thing in common, their focus on forming a
habit," mentioned Kumar. "CIT Bank's Savings Builder account helps
consumers kick start forming a habit of saving consistently by
rewarding those who deposit at least $100 each month with a higher interest rate."
"Keeping a New Year's goal is a challenge for most, however,
automating your savings ensures you can stick to your goals without
any added effort," he continued.
$100 Monthly Savings, 100
Meals
Along with establishing a smart savings strategy,
consumers can also give back to people in need this holiday season.
For every Savings Builder opened between
Nov. 27 and Dec. 20, CIT Bank is donating 100 meals to
Feeding America as part of parent company CIT's #GiveLikeYou
campaign.
For more information about CIT Bank's new survey visit CIT Bank
here.
About CIT
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience,
approximately $50 billion in assets
as of Sept. 30, 2018, and operates a
principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal
Housing Lender). The company's commercial banking segment includes
commercial financing, real estate financing, equipment financing,
factoring and railcar financing. CIT's consumer banking segment
includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank.
Discover more at cit.com/about.
CIT MEDIA
RELATIONS:
Olivia
Weiss
(212)
771-9657
olivia.weiss@cit.com
1 © 2018 CIT Group Inc. All rights reserved. The
survey was conducted online within the
United States by Survey Monkey on behalf of CIT between
Oct. 1 - 5, 2018 among 1,404 U.S.
adults ages 18 and older. This online survey is not based on a
probability sample and therefore no estimate of theoretical
sampling error can be calculated.
2 Gen Z is considered ages 18-24, Millennials are
considered ages 25-36, Gen X is considered ages 37-51, and Boomers
or older are considered +52.
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SOURCE CIT Group Inc.