WASHINGTON (9/17/15)--Most savers surveyed continue to use traditional credit union and bank savings accounts to save their money and do so by saving automatically, according to an online survey by America Saves. However, savers who are 25 or younger are using different savings products and methods.
For the second consecutive year, respondents indicated their primary savings vehicles included a traditional credit union savings account (20%) or bank savings account (43%), compared with last year’s 30% and 34%, respectively. This year’s survey has more respondents under 25, who were less likely to choose traditional credit union accounts.
“This along with other data from the Consumer Federation of America and America Saves continues to show that basic savings accounts remain important savings products for Americans, especially for low- to moderate-income families,” said America Saves Director Nancy Register.
Researchers also compared differences among savers who were 35 and older to those under 25. They found that the under-25 group were:
America Saves surveyed 1,389 savers who took its pledge between January 2012 and July 2015 to identify a savings goal, a monthly amount to save and a specified period to save. It noted the results cannot be generalized to all savers but yields some insights about younger and older savers. It also noted that more respondents this year were younger than 25.