Plinqit, the only savings platform of its kind that pays users for learning about personal finances, reveals that only one-third of American adults say they are putting money away for retirement, according to the company’s latest State of Savings Report. The report uncovers new insights into the savings habits of consumers based on a Harris Poll survey of more than 2,000 U.S. adults.
“Younger consumers are more likely to prioritize paying off debt or saving for a major purchase over saving for retirement. It makes sense; they probably feel they still have time to catch up. However, failure to prioritize retirement savings early can have a long-term impact.”
Americans are saving less for retirement than they have in past years, and inflation could be making it even harder for them to catch up. Plinqit’s State of Savings Report found that only 35 percent of the consumers surveyed, across all age groups, are actively saving for retirement. However, when segmented by age, retirement saving is the top category for consumers ages 55 to 64, with 49 percent saving for retirement, which may indicate that this group realizes they need to make up for lost time in order to retire comfortably.
“As inflation persists, Americans across demographics have been forced to make tough decisions about their savings priorities, including retirement,” said Kathleen Craig, founder and CEO of Plinqit. “Younger consumers are more likely to prioritize paying off debt or saving for a major purchase over saving for retirement. It makes sense; they probably feel they still have time to catch up. However, failure to prioritize retirement savings early can have a long-term impact.”
Craig continued, “The good news is that community financial institutions are perfectly positioned to help consumers establish strong savings habits and create a positive financial future, regardless of their age, income or savings priorities. With the right tools and resources from their financial institution, consumers can make meaningful progress toward their goals, including saving for retirement.”
Understanding that saving is the first step on the path to sustained financial wellness, Plinqit provides users with a free, simple and rewarding way to save and plan for future financial needs. Unlike any other savings platform on the market, its patented Build Skills™ pays users for engaging with content, driving higher engagement and deposit growth for financial institutions. As a result, individuals using Plinqit are successfully hitting their savings goals while increasing their personal finance skills.
To access the full State of Savings Report, click here.
Check out the full press release published on businesswire.com
Plinqit is a mobile-first platform and fintech company helping banks and credit unions generate low-cost deposits, attract new customers, and expand their retail footprint while helping people live their best financial life. The Plinqit platform is the first savings platform of its kind to bring together automated savings, data-driven financial wellness content, and virtual account management. At Plinqit, we’re helping everyone Money Intelligently™. For more information, visit info.plinqit.com.