CIT Bank, CIT Group’s (NYSE: CIT) national online bank (Member FDIC), today announced the results of its recent Harris poll showing that Gen X and Millennials are at least twice as likely as Boomers to prioritize savings as a New Year’s resolution.
A total of 67% of Millennials and 54% of Gen X respondents plan to include savings as a goal in the New Year compared to 27% of Boomers. All generations prioritize savings for emergencies with Gen X leading the pack (Gen Xers, 63%; Millennials, 61%; Boomers, 51%).
“Gen Xers are in the prime earning stage of life and understand the importance of saving for both short and long-term expenses,” said Ravi Kumar, head of Internet Banking at CIT Bank. “High Yield Savings Accounts can be a smart choice to allow your savings to grow, while still having access to funds for short-term goals or emergencies. CDs are a good solution for longer-term savings goals.”
Gen Xers and Millennials are also more likely to believe certain tools or strategies could help them save more. For example, 39% of Millennials and 35% of Gen Xers versus 21% of Boomers think new bank programs make it easier to save. Another 41% of Millennials and 21% of Gen Xers look to lower interest rates on loans to save compared to 16% of Boomers. Millennials and Gen Xers also favor innovative savings products like software-based apps more than Boomers.
