Those Saving Through Direct Deposit Are Bucking Trend and Saving More According to SWACHA Survey
Dallas, TX, November 16, 2011 --(PR.com)-- While savings rates in the U.S. recently hit their lowest point since 2007, with the average U.S. household saving only 3.6 percent of their income in September according to recent figures released by the Department of Commerce, a new survey from Dallas-based SWACHA, one of the largest not-for-profit regional electronic payment associations in the country, shows those who save through their employers’ Direct Deposit program are bucking this trend.
According to SWACHA’s 2011 Consumer Insights Survey, 31 percent who save with Direct Deposit are currently saving more than 25 of their paycheck, up from 14 percent reported in SWACHA’s inaugural survey in 2009. SWACHA conducted its second Consumer Insights Survey in August 2011. The survey tracks consumer trends in electronic payments such as debit and credit cards, mobile banking and the use of Direct Deposit and was conducted among 602 people throughout Texas.
“Our data underscores the importance of having a strategy for saving money, and we see time and time again that having your paycheck deposited automatically by your employer makes a difference,” said Dennis Simmons, AAP, president and CEO of SWACHA. “Consumers who systematically put money into a separate account have consistently been better savers than those who sit back and hope there is something left at the end of the month.”
When asked how much of their paycheck is automatically moved into an account other than a checking account, 26 percent of those surveyed in August reported saving less than 5 percent, 24 percent reported saving between 6 and 10 percent, 19 percent reported saving between 11 and 25 percent and 31 percent reported saving more than 25 percent.
“Consistently building savings can be a very difficult task, especially in today’s economic climate,” said Simmons. “However, it is encouraging to see the people we surveyed who have found success by using Direct Deposit. I hope these numbers continue to increase.”
About the Survey
SWACHA's online survey of 600 Texas residents was conducted in August 2011 by Decision Analyst with a confidence interval of 95 percent and a corresponding margin of error of +/- 4 percent. Only those respondents who identified themselves as the person responsible for paying household bills were permitted to complete the survey.
About SWACHA
SWACHA-The Electronic Payments Resource®, is one of the largest not-for-profit regional payments associations in the country with approximately 1,100 members across the Southwest. SWACHA is the resource of choice for financial institutions and corporations in the areas of education, training, payments system risks and knowledge about electronic payments. For more information visit:
Web: www.swacha.org
Facebook: www.facebook.com/bringingpaymentstogether
Twitter: @SWACHA
Editor’s Note: This is a part of a series of releases based on SWACHA’s 2011 Consumer Insights Survey.
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According to SWACHA’s 2011 Consumer Insights Survey, 31 percent who save with Direct Deposit are currently saving more than 25 of their paycheck, up from 14 percent reported in SWACHA’s inaugural survey in 2009. SWACHA conducted its second Consumer Insights Survey in August 2011. The survey tracks consumer trends in electronic payments such as debit and credit cards, mobile banking and the use of Direct Deposit and was conducted among 602 people throughout Texas.
“Our data underscores the importance of having a strategy for saving money, and we see time and time again that having your paycheck deposited automatically by your employer makes a difference,” said Dennis Simmons, AAP, president and CEO of SWACHA. “Consumers who systematically put money into a separate account have consistently been better savers than those who sit back and hope there is something left at the end of the month.”
When asked how much of their paycheck is automatically moved into an account other than a checking account, 26 percent of those surveyed in August reported saving less than 5 percent, 24 percent reported saving between 6 and 10 percent, 19 percent reported saving between 11 and 25 percent and 31 percent reported saving more than 25 percent.
“Consistently building savings can be a very difficult task, especially in today’s economic climate,” said Simmons. “However, it is encouraging to see the people we surveyed who have found success by using Direct Deposit. I hope these numbers continue to increase.”
About the Survey
SWACHA's online survey of 600 Texas residents was conducted in August 2011 by Decision Analyst with a confidence interval of 95 percent and a corresponding margin of error of +/- 4 percent. Only those respondents who identified themselves as the person responsible for paying household bills were permitted to complete the survey.
About SWACHA
SWACHA-The Electronic Payments Resource®, is one of the largest not-for-profit regional payments associations in the country with approximately 1,100 members across the Southwest. SWACHA is the resource of choice for financial institutions and corporations in the areas of education, training, payments system risks and knowledge about electronic payments. For more information visit:
Web: www.swacha.org
Facebook: www.facebook.com/bringingpaymentstogether
Twitter: @SWACHA
Editor’s Note: This is a part of a series of releases based on SWACHA’s 2011 Consumer Insights Survey.
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Contact
Granado Communications Group
Chris Martin
214-599-8467
www.swacha.org
Chris Martin
214-599-8467
www.swacha.org
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