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8/1/2018

2018 Summer Survey: Trends on saving for life's planned and unplanned events

2018 Summer Savings Survey  Infographic. This image shows the results of a survey of U.S. Consumer savings and banking preferences related to unexpected financial emergencies, and vacations.  48% of U.S. households have encountered an unexpected emergency expense in the last year. With respect to emergencies, U.S. consumers are concerned about the following: 14% of consumers are worried about identity theft or financial scams, 49% are worried about major health issues, and 11% worry about major home damage. 82% of consumers say they would give up something to save for an emergency expense, but 25% don’t save anything and another 25% save less than 5% of their monthly income. To accommodate saving for an emergency, 56% of consumers say they would give up dining out, 47% say they would give up online subscriptions, 36% responded that they would give up ride-sharing services, 41% would give up vacations, and 41% would abandon their gym memberships.  43% of U.S consumers are not saving for a vacation at all, but nevertheless, 77% of Americans spend money on vacations each year. The majority of consumers spend up to $5,000, even though 44% say saving for a vacation is a low priority and another 25% of say they do not place any priority at all on saving for vacations. Vacations still need to be paid for, and so 29% of Americans have taken extreme actions to pay for a vacation including taking out a bank loan, cleaning out savings accounts, going into debt, borrowing money, and exceeding the limits on their credit cards. Plan your savings to prepare for both emergencies and vacation costs by using CIT Bank’s online calculators at https://bankoncit.com/calculators. Note: Image copyright 2018 CIT Group. All rights reserved. The survey was conducted online within the United States by The Harris Poll on behalf of CIT between February 6 to 23, 2018 among 1,100 U.S. consumers ages 18 and older. Data were weighted where necessary to bring them in line with the general U.S. population based on the following variables: education, gender, age, race/ethnicity, household income, size of household and employment status.

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