The days in which savings accounts were commonplace to American consumers, many from a very young age, may have waned in recent years. But there are still key factors that go into how a modern consumer opts to open a savings account.
Be aware of the following mindsets when it comes to "selling" savings to your financial institution's customers.
Saving for retirement
According to the Federal Reserve, consumers in 2015 are most likely to save money for retirement, first and foremost beyond any other reasons. If you include retirement planning in your sales pitch, your customers, particularly high earners with annual incomes of $40,000 or more, will find the option attractive.
Saving for a rainy day
The second-most prevalent reason for saving in the United States is preparing for unexpected expenses. In fact, according to the Federal Reserve, it's the biggest key reason for saving among consumers making $100,00 a year or less. Market the reliability of a savings account to cover emergency budget crunches, and you might grow your share of wallet.
Saving for their children
At least a fourth of your customers more than likely are trying to save for their children, whether it's college savings or for their major life purchases, such as a car or house. Target customers who have young children - they're more than likely already thinking about ways to prepare for the mounting expenses of college tuition.
Saving for major appliances
According to the aforementioned study, nearly a quarter of consumers are in the process of saving for major appliances for their homes. Reflect this tendency in your marketing - it'll resonate with customers looking to effectively manage the purchase of a new refrigerator, oven or dishwasher without the hassle of incurring interest.
Savings accounts are key to customer retention.
The more products and services you provide to your customers, the more likely they'll stick around for the long haul. Savings accounts are tried and true ways to lengthen a financial relationship.
Source: Federal Reserve, 2015