The survey concluded that most respondents use traditional bank and credit union savings accounts to save money automatically. The online survey polled a group of 1,220 people who had taken the America Saves pledge between January 2011 and January 2014.
Some of the survey results:
- Most respondents said they saved their money in a traditional bank savings account (34%) and credit union savings account (30%).
- Survey respondents also said they used non-traditional savings products to save money.
- When asked about savings aside from retirement, one third of survey takers said they use their checking account, and 13% reported storing cash at home.
In addition, more than 70% of survey takers automate their primary savings method. About 39% said they utilize direct-deposit payroll and 31% said they use automatic electronic fund transfer.
Other survey findings:
The survey also showed that “non-savings†product use was found among lower income households.
- Close to 10% of those making less than $25,000 save their money at home as their primary savings vehicle.
- Use of ATM and tellers increased with age, while use of interactive technology decreased with age.
- Use of ATM and tellers was higher among lower income households and decreased as income rose.