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New Survey from PenFed Finds Savings-Savvy Consumers use Financial

TYSONS VA – According to a new survey sponsored by PenFed, the nation’s second largest federal credit union, savings-savvy consumers who use technology to support or enable financial services have a better financial outlook. On average, technology users have more financial security, have more in savings, use a budget more frequently, put money in savings more often, expect to save more in the future and save for retirement at a higher percentage rate.

McLaughlin & Associates conducted the survey from February 15 – February 21, 2018, on behalf of PenFed Credit Union. The survey was conducted online among a cross-section of 1,000 adults age 18 and over, and has an accuracy of +/- 3.1 percent at a 95 percent confidence interval. It found:

• Three quarters (76%) of respondents use either automatic savings, a banking app or both technologies. They are both used virtually equally (48% automatic savings and 50% banking app).

• Adults who have either automatic savings or a banking app are more optimistic about their financial outlook than those who do not use either technology (63% to 47%).

• Women are somewhat more likely to use the technologies than men (78% to 74%). Men are more likely to use automatic savings than women (51% to 45%), while women are more likely to use a banking app than men (57% to 42%).

• Adults with automatic savings on average have $3,000 more in savings compared to adults who only use banking apps and $4,000 more than adults who use neither technology.

• Four in five (80%) adults who have automatic savings are monthly savers, which is significantly higher than adults who use a banking app (52% monthly) and adults who do not use either technology (31%).

• Adults under 44 are more likely to use the technologies than older adults (86% to 67%).

• The majority of younger adults (54%) use automatic savings, compared to 42% of older adults. Likewise, younger adults are more likely to use a banking app than older adults (57% to 43%).

“Setting up an auto-transfer in your PenFed account is easy and fast,” said Derrick Harris, Vice President of Branch Operations for PenFed Credit Union. “It’s the best way to ensure you’re putting away money for short- and long-term savings. Just set it and forget it – then a few months down the road, you’ll notice your savings will have grown and you’ll feel more secure when an emergency pops up.”

Established in 1935 as the War Department Credit Union, PenFed Credit Union is America’s second-largest federal credit union, serving over 1.6 million members worldwide with $23 billion in assets. Our long-standing mission is to provide superior financial services in a cost-effective manner, while being responsive to members’ needs. PenFed Credit Union offers market-leading mortgages, automobile loans, credit cards, student loans, personal loans, checking, certificates and a wide range of other financial services with members’ interests always in mind. PenFed Credit Union serves a diverse population, and no military service is required to join. PenFed Credit Union offers many paths to membership, including numerous employee groups and association affiliations. PenFed Credit Union is federally insured by the NCUA and is an equal housing lender.

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