If you’ve ever wondered how your saving habits compare to those around you, wonder no more. America Saves conducted a survey of U.S. savers to gain more insight into the products and methods they use to save cash.
The survey concluded that most respondents use traditional bank and credit union savings accounts to save money automatically. The online survey polled a group of 1,220 people who had taken the America Saves pledge between January 2011 and January 2014.
Some of the survey results:
- Most respondents said they saved their money in a traditional bank savings account (34%) and credit union savings account (30%).
- Survey respondents also said they used non-traditional savings products to save money.
- When asked about savings aside from retirement, one third of survey takers said they use their checking account, and 13% reported storing cash at home.
In addition, more than 70% of survey takers automate their primary savings method. About 39% said they utilize direct-deposit payroll and 31% said they use automatic electronic fund transfer.
Other survey findings:
The survey also showed that “non-savings” product use was found among lower income households.
- Close to 10% of those making less than $25,000 save their money at home as their primary savings vehicle.
- Use of ATM and tellers increased with age, while use of interactive technology decreased with age.
- Use of ATM and tellers was higher among lower income households and decreased as income rose.