New Survey from PenFed Finds Savings-Savvy Consumers use Financial Technology
TYSONS, Va., Feb.28, 2018 – According to a new survey sponsored by PenFed, the nation’s second largest federal credit union, savings-savvy consumers who use technology to support or enable financial services have a better financial outlook. On average, technology users have more financial security, have more in savings, use a budget more frequently, put money in savings more often, expect to save more in the future and save for retirement at a higher percentage rate.
McLaughlin & Associates conducted the survey from February 15 – February 21, 2018, on behalf of PenFed Credit Union. The survey was conducted online among a cross-section of 1,000 adults age 18 and over, and has an accuracy of +/- 3.1 percent at a 95 percent confidence interval. It found:
- Three quarters (76%) of respondents use either automatic savings, a banking app or both technologies. They are both used virtually equally (48% automatic savings and 50% banking app).
- Adults who have either automatic savings or a banking app are more optimistic about their financial outlook than those who do not use either technology (63% to 47%).
- Women are somewhat more likely to use the technologies than men (78% to 74%). Men are more likely to use automatic savings than women (51% to 45%), while women are more likely to use a banking app than men (57% to 42%).
- Adults with automatic savings on average have $3,000 more in savings compared to adults who only use banking apps and $4,000 more than adults who use neither technology.
- Four in five (80%) adults who have automatic savings are monthly savers, which is significantly higher than adults who use a banking app (52% monthly) and adults who do not use either technology (31%).
- Adults under 44 are more likely to use the technologies than older adults (86% to 67%).
- The majority of younger adults (54%) use automatic savings, compared to 42% of older adults. Likewise, younger adults are more likely to use a banking app than older adults (57% to 43%).
“Setting up an auto-transfer in your PenFed account is easy and fast,” said Derrick Harris, Vice President of Branch Operations for PenFed Credit Union. “It’s the best way to ensure you’re putting away money for short- and long-term savings. Just set it and forget it – then a few months down the road, you’ll notice your savings will have grown and you’ll feel more secure when an emergency pops up.”
PenFed, which has more than 1.6 million members, is participating in America Saves Week by working to educate consumers about the importance of saving. America Saves Week is coordinated by America Saves and the American Savings Education Council. Additionally, PenFed is participating in Military Saves Week by encouraging its members to save in its branches on military bases. Military Saves Week is coordinated by America Saves and the Consumer Federation of America in partnership with the Department of Defense. The week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.
Each day during America and Military Saves Week, a new theme is introduced to educate consumers. PenFed will release survey findings and tips related to the various themes each day this week.
About PenFed Credit Union
Established in 1935 as the War Department Credit Union, PenFed Credit Union is America’s second-largest federal credit union, serving over 1.6 million members worldwide with more than $23 billion in assets. Our long-standing mission has been to provide superior financial services in a cost-effective manner, while being responsive to members’ needs. PenFed Credit Union offers market-leading mortgages, automobile loans, credit cards, student loans, checking, certificates, and a wide range of other financial services with members’ interests always in mind. PenFed Credit Union serves a diverse population, and no military service is required to join. PenFed Credit Union offers many paths to membership, including numerous employee groups and association affiliations. PenFed Credit Union is federally insured by the NCUA and is an equal housing lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.