Savings-Savvy Consumers Who Use Tech Also More Likely To Have Better Financial Outlook

Positive Outlook

TYSONS, Va.–Consumers who are “savings savvy” and who use technology to support or enable financial services have a better financial outlook, according to a new survey.

The survey, sponsored by PenFed, found that on average, technology users have more financial security, have more in savings, use a budget more frequently, put money in savings more often, expect to save more in the future and save for retirement at a higher percentage rate.

Among the findings:

  • Three quarters (76%) of respondents use either automatic savings, a banking app or both technologies. They are both used virtually equally (48% automatic savings and 50% banking app).
  • Adults who have either automatic savings or a banking app are more optimistic about their financial outlook than those who do not use either technology (63% to 47%).
  • Women are somewhat more likely to use the technologies than men (78% to 74%). Men are more likely to use automatic savings than women (51% to 45%), while women are more likely to use a banking app than men (57% to 42%).
  • Adults with automatic savings on average have $3,000 more in savings compared to adults who only use banking apps and $4,000 more than adults who use neither technology.
  • Four in five (80%) adults who have automatic savings are monthly savers, which is significantly higher than adults who use a banking app (52% monthly) and adults who do not use either technology (31%).
  • Adults under 44 are more likely to use the technologies than older adults (86% to 67%).
  • The majority of younger adults (54%) use automatic savings, compared to 42% of older adults. Likewise, younger adults are more likely to use a banking app than older adults (57% to 43%.
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