New Provident Bank Research Demonstrates a Shift in Consumer Spending and Saving Habits
December 02 2020 - 9:00AM
Provident Bank, a leading New Jersey-based financial institution,
today announced the results of a new survey examining U.S.
consumers’ banking experiences and habits over the course of the
year. Not surprisingly, the pandemic has changed the way survey
respondents spend their money, including:
- 40% are spending less on travel, vacations and dining;
- 32% reported that they’ve spent more money on new needs because
of the pandemic; and
- 27% are spending less money because they are more conscious of
saving for an emergency.
“As a result of COVID-19, many Americans have changed or lost
jobs and have had to reconsider how they spend and save their
money,” said Vito Giannola, Executive Vice President, Chief Retail
Banking Officer, Provident Bank. “Many are looking ahead
to the new year and setting new financial priorities – including
increased savings efforts given the unpredictability of 2020.”
Saving for the future is critical
An overwhelming majority of respondents (98%) agreed that it is
either very important or moderately important to save money in the
event of a future crisis as a result of the pandemic.
Additionally:
- 95% think it is very important or moderately important to save
for retirement;
- 88% think investment opportunities are important or moderately
important for 2021; and
- 51% are investing their money differently as a result of the
pandemic, while 34% do not plan to change their
investments.
“Although it has been a challenging year, consumers report
continued positive relationships with their banking partners,” said
Giannola.
Despite the pandemic, 89% of respondents rated their bank
experience as very good or good over the last year. Similarly,
nearly 80% of respondents gave their bank’s customer service a
positive rating.
2021 brings new financial goals
As we move forward to 2021, consumers are focused on setting new
objectives when it comes to their finances. Survey respondents
cited the following as their financial goals for the new year:
- Improve overall savings – 65%
- Pay off debt – 60%
- Set a budget – 51%
- Buy a home – 24%
“From refinancing to focusing more on retirement, we see a clear
shift in the way our customers think about and handle their
finances, and we expect that to continue into the new year,” added
Giannola.
Provident Bank’s survey was conducted online in November 2020
and surveyed 400 U.S. adults nationwide (ages 18+).
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About Provident Bank
Provident Bank, a community-oriented financial institution
offering “Commitment you can count on” since 1839, is the wholly
owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS),
which reported assets of $12.87 billion as of September 30, 2020.
With $9.56 billion in deposits, Provident Bank provides a
comprehensive suite of financial products and services through its
network of branches throughout northern and central New Jersey, as
well as Bucks, Lehigh and Northampton counties in Pennsylvania and
Queens County in New York. The Bank also provides fiduciary
and wealth management services through its wholly owned subsidiary,
Beacon Trust Company and full service insurance agency and
brokerage services through its wholly owned subsidiary, SB One
Insurance Agency, Inc. For more information about Provident Bank,
visit www.provident.bank or join the conversations on Facebook
(ProvidentBank) and Twitter (@ProvidentBank).
Gabrielle Costello
Provident Bank
215-825-9658
gcostello@levlane.com
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