TYSONS Va.–Consumers are overall more likely to be fiscally responsible with new found money, rather than spend it on entertainment or social activities, according to a new survey.
The survey, conducted by PenFed Credit Union, found that across all key demographics, adults say that if given $5,000 they would put about half of it (48%) into savings, spend 42%, and give 10% to charity.
The survey also found:
- The top things that adults would do if they received $5,000 are put it in savings (63%), pay bills (55%), and pay down a debt/loan (41%).
- The second-tier list is save for retirement (23%), treat themselves to a vacation (19%), pay for a car (14%) and save for education/college (14%).
- Paying bills (64% to 44%) and paying down a debt/loan (43% to 39%) is a higher priority among households with less than $60,000 annual income, while saving for retirement (27% to 20%) and saving for education/college (27% to 20%) is higher priority among households with more than $60,000 annual income, PenFed reported.
- By education level, adults without a college degree are more likely to pay bills (61% to 48%) while college graduates are more likely to save for retirement (29% to 18%).
- By age, adults under 54 are more likely to pay down a debt/loan (43% to 39%), save for education/college (20% to 2%), pay for a car (16% to 10%), pay for a down payment on a home (14% to 3%), and splurge on a big-ticket item/shopping spree (13% to 4%) or a big night out (11% to 6%).
On behalf of PenFed, McLaughlin & Associates conducted the survey from Feb. 15 –21, 2018. The survey was conducted online among a cross section of 1,000 adults age 18 and over, and has an accuracy of +/- 3.1% at a 95% confidence interval.