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12/5/2018

CIT Bank: Holiday Savings Survey

Personal

CIT Bank: Holiday Savings Survey 
CIT Bank’s Holiday Savings Survey measured savings goals for the New Year.   See how the data breaks down with U.S. consumers and learn about what you can do to maximize your savings by creating a consistent savings strategy.     

Smart Strategies 
An overwhelming majority of U.S. consumers are willing to stick with a strategy that encourages saving $100 a month.
•  Gen Z- 72%
•  Millennial- 84%
•  Gen X- 72%
•  Baby boomers- 73%

Saving for Holiday Shopping
Approximately one in three U.S. consumers save consistently, such as every month, for holiday time shopping.  
Millennial and Gen Z generations are the best at saving consistently for the holidays when compared with other generations.  
Gen Z – 36%
Millennials- 37%
Gen X- 30%
Boomers – 30%
Yet only one in ten U.S. consumers have an established savings account for the holidays. 

Ringing in the New Year
Over half of Millennials and members of Gen Z are making savings part of their News Year’s Resolution this year, more so than other generations.
•  Gen Z- 51%
•  Millennial- 53%
•  Gen X- 38%
•  Baby Boomers- 30%

Women are more likely than men to include savings as a New Year’s goal.
•  Women- 40%
•  Men- 29%

Visit www.CIT.com to learn how to establish a smart savings strategy to get ahead of holiday spending and meet your New Year’s savings goals. 

CIT Bank’s Savings Builder account rewards those who build a habit of savings. Consumers can qualify for a higher interest rate by saving at least $100 each month or by maintaining a monthly balance of at least $25,000.

© 2018 CIT Group Inc. All rights reserved. The survey was conducted online within the United States by Survey Monkey on behalf of CIT between Oct. 1 - 5, 2018 among 1,404 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.

Gen Z is considered ages 18-24, Millennials are considered ages 25-36, Gen X is considered ages 37-51, and Boomers or older are considered +52.

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