PASADENA, Calif., Sept. 2, 2020 /PRNewswire/ -- Despite facing
unprecedented economic challenges, over half of U.S. consumers
report saving more, according to CIT's new survey conducted by The
The survey reveals that, in particular, Gen Z and Millennial
consumers are leading the way with over 60% of both generations
reporting an uptick in savings. When thinking about the future,
another 76% of consumers are somewhat likely or very likely to save
more than they usually do each month.
"An increased emphasis on saving demonstrates consumers'
motivation to adopt healthy financial strategies no matter what
obstacles they may be facing," said Ravi
Kumar, head of CIT's direct bank. "We're encouraged to see
so many taking steps to prioritize preparing for the future in the
midst of this unique time."
Shifts in Spending
With many consumers staying close
to home, around 4 in 10 consumers reported spending more on
groceries. A quarter are getting food delivered more frequently,
and 22% have increased spending on books, games, apps and
subscriptions during the same time frame.
Over forty percent (44%) of consumers have also increased their
online shopping habits overall. But while many are changing
what they purchase and how, the survey also reveals that 4 in 10 of
consumers are making fewer impulse purchases, highlighting that
many are being more deliberate about what they purchase.
"Consumers have shown they can quickly pivot and adapt new
strategies to meet their evolving lifestyles," continued Kumar.
"We're committed to helping them make their savings work harder
while keeping spending under control."
Strategies to save
For many, automating deposits is
key to keeping within budget and achieving financial goals. The
good news is 49% of consumers are somewhat or very likely to
automate contributions to a savings account in the future.
According to Kumar, "the ability to establish a regular,
automated savings framework is a simple, yet impactful way to build
a habit of saving each month."
CIT's eChecking, Savings Builder and Money
Market accounts are equipped with a number of features such as
card controls, 24-7 account access, and electronic transfer tools
that make the task of setting aside money more straightforward.
Visit CITBank.com to learn about the recent survey and
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.
1 This survey was conducted online within the United States by The Harris Poll on behalf
of CIT from June 18-22, 2020 among
2,001 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.
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SOURCE CIT Group Inc.