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Gen X and Millennials prioritize savings

Staff Writer |
CIT Bank announced the results of its Harris poll showing that Gen X and Millennials are at least twice as likely as Boomers to prioritize savings as a New Year's resolution.

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A total of 67 percent of Millennials and 54 percent of Gen X respondents plan to include savings as a goal in the New Year compared to 27 percent of Boomers.

All generations prioritize savings for emergencies with Gen X leading the pack (Gen Xers, 63 percent; Millennials, 61 percent; Boomers, 51 percent).

"Gen Xers are in the prime earning stage of life and understand the importance of saving for both short and long-term expenses," said Ravi Kumar, head of Internet Banking at CIT Bank.

"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."

Gen Xers and Millennials are also more likely to believe certain tools or strategies could help them save more. For example, 39 percent of Millennials and 35 percent of Gen Xers versus 21 percent of Boomers think new bank programs make it easier to save.

Another 41 percent of Millennials and 21 percent of Gen Xers look to lower interest rates on loans to save compared to 16 percent of Boomers.

Millennials and Gen Xers also favor innovative savings products like software-based apps more than Boomers.

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