Americans reveal their money-saving strategies

More than half of US consumers consider saving money as their top goal in 2020

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Americans reveal their money-saving strategies. Source: shutterstock.com

According to CIT Bank’s survey, when it comes to sticking to financial resolutions, Millennials are doing a much better job than other generations. For comparison, only a third of Gen Z, Gen X, and Boomers reveal they have remained committed to their savings goal.

Gen Zers and Millennials are leading in prioritizing saving in 2020 with 79% and 69% respectively, compared to 59% of Gen X, and 41% of Boomers.

We're encouraged to see consumers sticking with their goals well into the new year. Millennials and Gen Zers, in particular, understand the benefits of creating a financial cushion and are taking the necessary steps to do so
Ravi Kumar, head of direct banking at CIT

As to the ways of saving money, setting spending limits on debit or credit cards is the most popular strategy (48%). Along with that, 28% of US consumers are reading more financial tips, while 24% of them are downloading a budgeting app. 16% of Americans prefer enlisting a buddy for accountability.

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