ATLANTA, April 16, 2015 /PRNewswire/ -- Many higher
income households say they are not saving as much as they should,
according to a recent SunTrust (NYSE: STI) survey conducted online
by Harris Poll among those whose households make $75,000 or more annually.
Nearly a third of these households live paycheck-to-paycheck at
least sometimes and 44 percent agreed that spending on lifestyle
purchases – like dining out and entertainment – causes them to save
less than they should each month. For millennials with the same
household income, that number jumps to 71 percent.
To help all Americans achieve greater financial well-being,
SunTrust today announced a new program focused on saving for
positive goals – or "sunny days." Instead of just saving for a
rainy day, Live for a Sunny
Day provides tools and expert advice to help people
establish healthy savings routines, preparing for life's moments
that matter.
"It's easier to stay motivated when you're saving for goals that
are connected to your values and bring you happiness," said
Brad Dinsmore, consumer banking and
private wealth management executive at SunTrust Bank. "We are
providing tangible resources and inspiration to help people put
more money aside for their most important moments, whether that's
an upcoming wedding, dream vacation, opening a new business or
starting a family."
To help people establish strong financial routines so they can
live for a sunny day, SunTrust is offering these tools:
- A Money Personality Quiz, videos, articles and podcasts –
available on suntrust.com/sunnyday – to help people gain discipline
in spending and saving
- E-Savings "buckets" that allow people to open multiple spending
and savings accounts for important goals – and assign a unique name
to each one
- SummitView ®, SunTrust's industry-leading
financial planning platform, that provides clients with insights
into their full financial picture when working with a SunTrust
advisor
Using the hashtag #mysunnyday, people can also share what a
sunny day means to them on Facebook and Twitter. Visit
twitter.com/suntrust and facebook.com/suntrust.
SunTrust is committed to advancing financial well-being for its
clients and communities. For additional information, visit
suntrust.com/sunnyday.
Additional Survey Findings
Of Americans in households making $75,000 or more annually:
- A third said a lack of financial discipline at least sometimes
holds them back from achieving their goals.
- Among those who are not saving as much as they believe they
should because of spending on lifestyle purchases, 68 percent
blamed dining out as the main reason. Among millennials (ages
18-34), 70 percent blamed dining out.
- Fifty-three percent of those ages 35 to 44 believe they are
saving enough to live comfortably in retirement. Among those ages
45 to 54, however, that number drops to 37 percent.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest
banking organizations, serving a broad range of consumer,
commercial, corporate and institutional clients. As of December 31, 2014, SunTrust had total assets of
$190.3 billion and total deposits of
$140.6 billion. Through its flagship
subsidiary, SunTrust Bank, the Company operates an extensive branch
and ATM network throughout the high-growth Southeast and
Mid-Atlantic states and a full array of technology-based, 24-hour
delivery channels. The company also serves clients in selected
markets nationally. Its primary businesses include deposit, credit,
trust and investment services. Through its various subsidiaries,
the company provides mortgage banking, asset management, securities
brokerage, and capital market services. SunTrust's Internet address
is suntrust.com.
Survey Methodology
This survey was conducted online
within the United States by Harris
Poll on behalf of SunTrust from March 26-30,
2015 among 519 adults ages 18 and older in households with
an annual income of $75,000 or more.
This online survey is not based on a probability sample and
therefore no estimate of theoretical sampling error can be
calculated. For complete survey methodology, including weighting
variables, please contact suzanne.vincent@suntrust.com.
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SOURCE SunTrust Banks, Inc.