While 54% of Americans report that they feel happy when they save money, more than a quarter (28%) report that they always or very often spend their savings, according to a new survey released today by Capital One Bank. The Capital One 2015 “Challenge Your Savings” report reveals that more than a third (36%) of Americans say their income is not high enough to allow for much savings and on top of that, when they do save, the top reason is to pay off debts.
The survey of 2,000 Americans
found that only 54% say they are satisfied with their current financial
status, but that one in ten people will not save any money for the rest
of 2015. Why not? Twenty-five percent of respondents say they struggle
to keep up with their regular financial obligations (e.g., mortgage, car
payment, etc.) and more than one in ten say they are living over their
budget or spend too freely.
Alongside these points, there are many insights the report reveals that show the positive impacts of saving. For example:
• More than half (53%) of respondents say that saving brings them peace of mind.
• Nearly two thirds (60%) of respondents say they feel satisfied when they meet their savings goals.
• Younger millennials say they feel successful (56%) and proud (52%) when they are able to meet their savings goals.
Saving isn’t just for the older generation – just as many younger
millennials (56%) say they feel happy when they save compared to Gen X
and Baby Boomers (57%).
• Almost a quarter of respondents (22%) say that saving relieves stress between them and their significant other.
when compared with family life, professional life, social life and
personal health, financial health ranks as the aspect of life that
Americans are least satisfied with.
“We want to encourage savings
and empower consumers to see the value in establishing a savings plan
and sticking to it,” said Celia Edwards Karam, managing vice president,
Consumer Deposits, Capital One Bank. “Every dollar counts and by putting
money aside on a regular basis, individuals and families can
successfully achieve their financial goals – and feel excited about
their growing bank account, not overwhelmed by the process in getting
To help consumers get more out of their savings, Capital
One Bank has partnered with acclaimed Financial Expert and Journalist
Nicole Lapin to educate consumers on simple ways they can advance their
financial goals, especially when it comes to saving.
“Saving is a
critical step to achieving financial success, something I try to help
people attain every day, in fun and easy ways,” said Lapin. “Financial
well-being is never the same for any one person, but the way to get
there follows a similar path: determine a set amount of money that you
will save each month for a specific goal and stick to it. Setting up
auto-deposits through an online savings account, like Capital One 360
Savings, is a great way to get started.”
Admittedly, Only 21% of
survey respondents say that they “set it and forget it” with their
savings by setting up automatic deposits. With a Capital One 360 Savings
account, setting up automatic deposits is a simple process.
‘Challenge Your Savings’ survey also revealed that people feel such
satisfaction from saving money for the future that they are willing to
give up quite a bit for some extra cash in the bank:
than a third of respondents (34%) say they are willing to give up air
conditioning to increase their savings – although the humid, hot weather
makes the South the least likely region to forgo central air (25%).
30% of respondents say they would give up their smartphone for the
next six months if it meant an increase in their savings account.
In fact, when tempted with an extra $1,000 to their savings
account, almost two-thirds of respondents say they would be willing to
give up the internet for a month.
• Even a quarter of people say they are willing to give up regular showers for an increase in savings!
out more about the tools you can use to make saving easy with a Capital
One 360 Savings account, including enrolling in an Automatic Savings
Plan, here: https://home.capitalone360.com/online-savings-account/tools. Consumers
are also encouraged to visit the Capital One 360 Facebook page at
www.Facebook.com/CapitalOne360 for more savings tips from Lapin.
2015 ‘Challenge Your Savings’ Survey Methodology
survey was conducted online within the United States between May 29 and
June 3, 2015, among 2,000 adults ages 18 and over by Capital One via
Toluna’s Multimind omnibus product. Respondents for this survey were
selected from among those who have agreed to participate in Toluna
surveys. Figures for age, sex, race/ethnicity, education, region and
household income were weighted where necessary to bring them into line
with their actual proportions in the online population. Propensity score
weighting was also used to adjust for respondents’ propensity to
participate in online survey research. Because the sample is based on
those who agreed to participate in Toluna surveys, no estimates of
theoretical sampling error can be calculated.
About Capital One
One Financial Corporation (www.capitalone.com) is a financial holding
company whose subsidiaries, which include Capital One, N.A., and Capital
One Bank (USA), N.A., had $210.4 billion in deposits and $306.2 billion
in total assets as of March 31, 2015. A Fortune 500 company with branch
locations primarily in New York, New Jersey, Texas, Louisiana,
Maryland, Virginia, and the District of Columbia, Capital One offers a
broad spectrum of financial products and services to consumers, small
businesses and commercial clients.