The majority of consumers – 61 percent – strongly agree that being in control of their finances is important in order to enjoy memorable experiences, according to a recent survey conducted by Harris Poll on behalf of SunTrust Bank. Fifty-six percent said they use online banking; 48 percent use a budget; and 19 percent use a smart phone or tablet app to stay in financial control.
The survey also found that a large percentage of Americans –73 percent – plan to use personal savings to pay for their memorable event in 2014. To save up, 66 percent are cutting down on unnecessary expenses and 29 percent will use a separate account dedicated to saving for a specific event.
“People want their finances in order so they can focus on what really matters to them,” said Beverly Ladley, SunTrust client segments and solutions executive. “That’s why our purpose at SunTrust is to provide the tools our clients need to achieve a sense of financial well-being.”
Among those surveyed, 57 percent said they were planning a memorable experience in 2014, including 71 percent of 18 to 34-year-olds. Vacations, weddings and buying a new vehicle were the most commonly planned events.
SunTrust recently launched a new account option called e-Savings, which allows people to create multiple account buckets for different savings goals. Clients can assign a unique name to each bucket to keep their savings organized and on track. The accounts can be opened online at suntrust.com or any SunTrust branch.