Web Insight 137xxx: do you have a savings account?

Banks can be used for a variety of services. One such service is keeping money as savings.

How many people use their bank accounts for savings?

In our report on digital banking, overall 69 percent of respondents, each of whom was at least 18 years of age and had at least one bank account, said they use their bank to keep money as savings.

It is interesting that overall, 77 percent of respondents reported having a savings account. The discrepancy probably relates to the fact that savings accounts can be used for purposes besides actually keepings money as savings, for example as a repository for cash and change or a place to have funds deposited.

Despite bank savings accounts generally not being the most cost-effective or lucrative place to store money in contemporary America, the biggest distinguishing variables in regard to whom does and doesn’t use banks as a place to keep money as savings are education and income.

Seventy-eight percent of those with a college education or more say they use a bank to keep money as savings. This compares to only 63 percent of those with some college or less.

Similarly, 78 percent of those with a household income of $75,000 or more say they use a bank to keep money as savings, compared to only 65 percent of those with less than $75,000 in household income.


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March 23, 2020