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10/7/2019

Find your Financial Bliss

2019 Financial Bliss Survey - PNG

Is it possible to achieve financial bliss? According to CIT Bank’s new Financial Bliss survey conducted by The Harris Poll, the answer is yes! Learn how U.S. consumers are thinking and feeling about money and explore our findings below.

Saving as a Source of Happiness

Two in three consumers say saving money brings them more happiness than spending it.

80% of consumers can cover their monthly expenses, but only half say they are happy with their current financial situation, suggesting finding financial bliss goes beyond making ends meet.

Defining Financial Security

Being debt-free is the top way consumers define financial security. 

  • 37% debt free
  • 24% save for long-term needs like retirement and college
  • 17% spend freely
  • 10% save for short-term expenses like vacations or buying a car

Money Woes

Over half of consumers say they constantly worry about money. In fact, money is the top reason consumers lose sleep compared to relationships, work and fear of missing out socially.

  • 32% Money 
  • 20% Relationships
  • 15% Work
  • 4% Fear of missing out socially

Sacrificing to Save

Cutting some discretional spending, such as shopping, is the top strategy consumers are willing to adopt to save $100 each month. 

  • 43% Cut discretional spending 
  • 27% Add additional source of income 
  • 17% Cut more specific saving priorities like retirement 

Gen Z, Millennials and Gen Xers are twice as likely as Boomers and Seniors to say they would need an additional source of income to save $100 or more.

CIT Bank’s newest digital savings product Savings Builder can make it easier to find financial bliss. It’s designed to reward consistent savers and provides a higher rate for those who make a deposit of at least $100 on a monthly basis.

This survey was conducted online within the United States by The Harris Poll on behalf of CIT between March 29 to April 10, 2019 among 2,005 U.S. adults aged 18 and older. Figures for age by gender, race/ethnicity, education, income, marital status, employment, and household size were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online. 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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