Plinqit’s 2024 State of Savings Report reveals 41% of Americans determine where to save their money based on the ROI of an account.
“Given today’s interest rates, taking the time to move any extra cash you may have into the right savings account can make a major difference in your total savings. If you’re not making the right moves, you’re leaving money on the table that could instead be working for you”
The survey report reveals that while savings methods clearly vary among consumers, some are more effective than others in generating returns. The top factor, cited by more than two in five Americans (41%), used to decide where to save their hard-earned money is the ROI an account can generate for them. The second most-cited factor, at 37%, was interest rates offered by the financial institution.
Household income also plays a role in these decisions, as the more income a household earns, the more likely they are to consider ROI when deciding how to save their money. Compared to Americans with an annual HHI of less than $75,000, those with HHI of $75,000 or higher are nearly twice as likely to consider ROI as a determining factor (52% vs. 27%). They are also more likely to base their decision on recommendations from a financial advisor (37% vs. 22%).
Check out the full press release published on einpresswire.com
