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Millennials and Gen-Xers Will Make Saving a Priority in 2018

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CIT Group’s national online bank recently revealed the results of a poll touting that when it comes to New Year’s resolutions, Generation X and millennials are at least twice as likely as baby boomers to make savings a priority for 2018.

According to a spokesperson for the company, the findings — which were conducted by Harris Poll on behalf of CIT — showcased that 67 percent of Millennials and 54 percent of Gen X respondents plan to incorporate savings as a goal for the new year (compared with just 27 percent of boomers).

But all of the generations surveyed appear to place particular emphasis on being prepared. Notably, results revealed that all of the generations prioritize savings for emergencies. The spokesperson noted this is especially true of Generation X (at 63 percent), with millennials following (at 61 percent), and boomers (at 51 percent).

Ravi Kumar, head of internet banking at CIT Bank, weighed in on why that might be. “Gen-Xers are in the prime earning stage of life and understand the importance of saving for both short and long-term expenses,” he said. “High-yield savings accounts can be a smart choice to allow your savings to grow, while still having access to funds for short-term goals or emergencies. CDs are a good solution for longer-term savings goals.”

And when it comes to saving, results suggested that Generation X and millennials are more likely to believe certain tools or strategies could aid them in their mission to save more. The survey demonstrated, for example, that in addition to favoring “innovative savings products” like software-based apps, millennials (at 39 percent) and Gen-Xers (at 35 percent) believe that new bank programs make it easier to save, in contrast to just 21 percent of boomers who think the same.

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