Any plan to improve your life must involve financial stability. The right choices make all the difference.
There’s a clear link between financial and mental wellness. A stable financial foundation not only alleviates stress, it empowers people to take control and make healthier decisions in every facet of their lives.
That’s why a new survey from CIT Bank (Member FDIC) conducted by The Harris Poll is so encouraging. The poll found that 70 percent of Americans intend to save as much or more money as they did last year, and many expressed a desire to reduce debt, invest more, and control spending.
“Developing healthy savings habits has always been an important part of cultivating overall financial wellness,” notes Ravi Kumar, Head of CIT’s direct bank. “Especially over the past two years, we have seen the importance of having rainy day and emergency funds to weather the unexpected.”
The power of savings
One of the biggest obstacles people face when trying to establish financial wellness is time and focus. According to the CIT Bank poll, 52 percent of Americans have used various methods to keep their financial goals on track, including using reminders, journaling, and having external motivation (like a savings buddy or accountability partner). Technology can offer a more effective approach: A savings account with automatic deposits is a powerful way to build the ability to invest in every aspect of your life.
“Developing more consistent savings habits not only helps to save time, but it provides a solid foundation for financial wellness,” notes Kumar. “It is promising to see Americans prioritizing saving and implementing smart saving strategies.”
The CIT Bank poll confirms this, with 88 percent of respondents stating they believed their savings have allowed them to be more flexible in how they spend their money.