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12/29/2017

Savings Goals across Generations

Personal

Savings Goals Across Generations Infographic: The New Year often brings inspiration for new goals and savings resolutions . According to a recent CIT Bank and Harris Poll survey Gen Xerse and Millennials are more likely to prioritize savings in the new year. In fact, Millennials and Gen Xers are twice as likely as Boomers to prioritize savings as a New Year’s resolution: 67% of Millennials, 54% of Gen Xers and 27% of Boomers are likely to start a new savings plan with the New Year. Also, Millennials and Gen Xers are more likely than Boomers to focus on other savings priorities such as emergencies. 61% of Millennials, 63% of Gen Xers and 51% of Boomers are saving for non-emergency expenses. Millennials and Gen Xeres are also more likely than Boomers to think that certain tools or strategies could help them save more. 39% of Millennials, 35% of Gen Xers and 21% of Boomers think bank programs will help them save. 41% of Millennials, 34% of Gen Xers and 16% of Boomers think that lower interest rates on loans would help them save more. Finally, 32% of Millennials, 21% of Gen Xers and 7% of Boomers  think innovative savings apps and software tools will help them save more. Is savings on your list of New Year’s resolutions? Visit CIT Bank’s savings calculators at bankoncit.com/calculators. This survey was conducted online within the United States by Harris Poll on behalf of CIT between October 3-5 2017 among 2,185 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. Millennials are considered ages 18-36, Gen Xers are considered ages 37-51, and boomers are older are considered 52 plus. CIT Bank, N.A. is FDIC insured. Each figure represents a percentage of the total surveyed in each generation rather than the total number of respondents, meaning the percentages together do not total 100%.

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