NEW YORK, March 4, 2021 /PRNewswire/ -- Some Americans are
spending more time managing their savings since the start of the
COVID-19 pandemic and average seven hours per month managing their
finances (e.g., paying bills, budgeting everyday expenses, and the
like), according to a new survey from CIT's national direct bank,
CIT Bank, conducted by The Harris Poll.
Twenty-six percent of Americans say they are spending more time
managing their savings now than they were this time last year
(i.e., before the start of the COVID-19 pandemic), with just 9%
spending less time. Similarly, Americans report spending more time
budgeting everyday expenses (26%) and paying and reconciling their
bills (21%), with only 10% and 8%, respectively, saying they spend
less time on these activities today versus a year ago.
The survey asked Americans to select up to three choices from a
short list of options regarding how they would be most likely to
spend extra time if they had it, and Americans most commonly say
that they would create ''me'' time (39%), connect with family or
friends (37%), or spend time on a skill or hobby to earn extra cash
(30%). Twenty-nine percent say that they would put their spare time
towards financial management, such as organizing their finances
(e.g., creating a budget, setting financial goals) or exploring new
ways to maximize their savings.
Time & Money
All told, nearly 4 out of 5 Americans (79%) feel that they have
enough time to dedicate to managing their finances. That said, only
26% of Americans feel they are in a happy place right now and would
not benefit from having more money or time in their daily
life.
"By optimizing time spent managing finances each month, people
can spend their remaining free time doing what they enjoy," said
Ravi Kumar, head of CIT's direct
bank. "Simple savings tools and habits, like automating savings on
a monthly basis, can help people streamline the time spent on
managing finances while maximizing efficiency."
As a result of the disruptions over the past year, Americans
have prioritized bolstering their savings strategies. If they had
extra money, 69% of Americans say they would put it in a savings
account to earn interest or use it to build an emergency fund,
compared to just 11% who would purchase a material item.
When asked if having more money or more time right now would
provide the most benefit to their daily life, more than half of
Americans (55%) cite more money and 19% cite more time.
Nearly three-fourths of Americans (72%) believe that automating
savings (i.e., automatically depositing a set amount into a savings
account on a regular basis) would be an effective tool to help them
save time. CIT Bank's Savings Connect, a new digital savings
account linked to an eChecking account, offers a streamlined
banking experience with digital convenience to help customers
develop consistent savings habits. For more information on Savings
Connect, visit our website.
See more from CIT Bank's Time & Money Survey in this
infographic.
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 and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
About the Survey
This survey was conducted online
within the United States by The
Harris Poll on behalf of CIT Group from February 9-11, 2021 among 2,068 U.S. adults
ages 18 and older. For complete survey methodology, including
weighting variables and subgroup sample sizes, please
contact Lexa
Tutela (Alexandra.Tutela@cit.com).
MEDIA RELATIONS:
Lexa Tutela
212-461-5305
Alexandra.Tutela@cit.com
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SOURCE CIT Group Inc.