Consumers' Savings Rebound After Holiday Spending, According to MagnifyMoney Savings Index

NEW YORK, Feb. 24, 2020 /PRNewswire/ -- MagnifyMoney, a LendingTree subsidiary that helps consumers compare financial products, today released its monthly Savings Index which found that 44% of Americans will add to their savings this month as consumers recover from holiday spending. Additionally, more than 1 in 5 are actively saving for emergencies.

In this month's edition of the Savings Index, which launched in October 2019, MagnifyMoney asked more than 1,200 consumers about their savings habits during the month of February as well as their top savings goals.

February Savings Index Key Findings:

• 44% of Americans increased their savings in February, which is a five-percentage point increase from January. Meanwhile, nearly 1 in 5 withdrew money from their savings account.
• Men increased savings at a higher rate than women: 49% of men upped their savings fund in February, compared to just 40% of women. Women were also nearly twice as likely to report they do not have any savings at all.
• About 1 in 4 Gen Zers and millennials depleted some of their savings this month, which is a higher rate than all other generations.
• Top 3 things Americans are saving for: general savings (32%), emergencies (22%) and vacations (20%).

To view the full report, visit https://www.magnifymoney.com/blog/earning-interest/best-online-savings-accounts275921001/#survey-index.

About MagnifyMoney
MagnifyMoney.com, a subsidiary of LendingTree, makes it easy for consumers to shop for the best financial products and get answers to their most important financial questions. MagnifyMoney's unbiased advice and comprehensive product database helps millions of people compare credit cards, loans, checking accounts and savings accounts. MagnifyMoney's newsroom of personal finance experts is dedicated to helping people save money and lead financially healthier lives through strategies and tips for avoiding fees, getting out of debt, paying off student loans, avoiding consumer scams and other financial topics. MagnifyMoney was launched in 2014, was acquired by LendingTree in 2017, and is based in New York, NY. For more information, please visit www.magnifymoney.com.

Contact:
Megan Grueling
704-943-8208
Megan.Greuling@tree.com

SOURCE MagnifyMoney.com