Residents in the Greater Philadelphia and Delaware region are spending more money this year than saving it, according to a survey conducted by research company Opinium on behalf of WSFS Bank, the primary subsidiary of WSFS Financial Corp.
The survey of respondents ages 18 to 55 discovered 38 percent of residents are spending more money compared to last year while 37 percent said they were spending less.
Of those spending more, 69 percent cited rising costs and inflation followed by paying off an emergency expense, 29 percent, or paying off debt, 28 percent. Many consumers adjusted discretionary spending, or adjusted their preferred payment methods.
“Many consumers are still feeling the pricing pressures in the current economy, with one-third (33%) saying they’re cutting non-essential spending,” said Shari Kruzinski, Executive Vice President and Chief Consumer Banking Officer at WSFS Bank. “While inflation has cooled during 2024 and interest rates are starting to decrease, it is important for consumers to remain disciplined and budget-focused.”
Only 28 percent are saving more compared to last year, while 46 percent are saving less.
Of those who are saving more, 42 percent cited financial stability followed by specific savings goals, 41 percent, and preparing for financial emergencies or unexpected expenses, 40 percent.
A portion of respondents, 18 percent, were unaware of Certificates of Deposit and 24 percent were unaware of high-yield money market accounts, while nearly half had heard of these accounts but never used one.
Of those using buy-now-pay-later platforms, 35 percent lost track of how much they owe and 35 percent struggle to pay back what they owe.