PASADENA, Calif., Feb. 5, 2020 /PRNewswire/ -- Three-quarters of Southern Californians are resolving to save more this year, but an even larger number are spending to achieve their New Year's goals.1
Saving more in the year ahead was the top goal for 74% of those in the Southern California region who made a resolution. But 80% of people in the same survey said they've opened their wallets to help keep their resolutions.
More than one in four Southern Californians (28%) say they have already spent at least $500 since the beginning of the year to keep a New Year's resolution. In contrast, only 16% of U.S. consumers have done the same in support of their resolutions.
The surprising findings came from OneWest Bank's New Year's Resolutions survey, which is conducted by The Harris Poll to measure what Southern Californians are doing to make their resolutions stick.2
"Southern Californians are outpacing the rest of the country when it comes to spending money to meet their goals," said Heather Ellison, head of Retail Banking at OneWest Bank. "But if your goal is to save money, consider ways to ensure resolutions spending doesn't spiral out of control. We're committed to supporting our customers as they strive to be more financially responsible in 2020."
The good news is saving more money far surpassed other New Year's goals popular with Southern Californians, including losing weight (47%), spending more time with family and friends (35%), planning a dream vacation (25%) or kicking a bad habit (20%).
Curbing Expenses to Stay on Track
To stay on track with savings goals, nearly 60% of Southern Californians who made a resolution have already or plan to set spending limits on debit or credit cards. Other strategies included using budgeting apps (37%), enlisting a buddy for accountability (30%), and reading more financial content (17%).
"Features like OneWest Bank's card controls enable consumers to keep their accounts safe, and also provide an easy way to monitor spending," continued Ellison.
Making your Goals Stick
One way to boost savings is to choose an account that boosts returns, according to Ellison.
"Of Southern Californians who made financial resolutions, nearly two-thirds say they are somewhat or very likely to open a new account to help meet their objectives," she said. "OneWest Bank's Premium Money Market account, for example, offers cash back and a competitive interest rate for those who meet the account opening qualifications."3
Visit OneWest Bank to learn more about our offerings and how you can develop healthy savings habits in 2020.
About OneWest Bank
OneWest Bank is committed to helping Southern California consumers and small businesses meet their financial goals by offering a variety of personal and small business banking and lending solutions. We are passionate about serving the Southern California community and are proud to invest in the neighborhoods where we live and work. OneWest Bank is a division of CIT Bank, N.A. (Member FDIC, Equal Housing Lender), a subsidiary of CIT Group Inc. (NYSE: CIT). For more information, visit OneWestBank.com and follow us on Facebook.
1 Stats based on those who made resolutions in 2020. 88% of Southern California respondents.
2 This survey was conducted online within the United States by The Harris Poll on behalf of OneWest Bank's parent company CIT from Jan. 13-15, 2020 among 2,021 U.S. adults ages 18 and older. Insights for OneWest Bank are based on the Southern California sample of 90 respondents.
3 Full terms and conditions can be found here.
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SOURCE OneWest Bank