- Category: Widget
- Published: Tuesday, 30 June 2015 16:16
- Written by Isaac
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Study: Millennials Fiscally Aware, Plan To Refrain From Building Summer Debts
If you are 18 to 34 years of age – a millennial – you might be among Staten Island’s most fiscally responsible consumers, conjectures Victory State Bank, Staten Island’s only community-based business bank.
The possibility of such is supported by the 2015 Summer Consumer Spending Survey recently released by Segmint Inc., a global leader in active analytics and Always On℠ cross-channel marketing
The survey revealed that while spending overall this summer is not expected to increase, millennials are likely to spend more than any other group, especially on leisure activities.
However, growing concerns over carrying debt have spurred millennials to be more fiscally conscious, paying with available funds in their checking and savings accounts rather than financing summer activities using their credit card, according to findings from the study.
Though millennials are paying close attention to their spending, the research indicated that this group of consumers is the only one that noted an increase in planned summer leisure spending this year compared to last summer (32 percent).
Millennial respondents who do plan to fund summer leisure purchases with credit cards are doing so in order to earn credit (30 percent) instead of earning rewards points, which was the most likely reason given by respondents aged 35 – 44 (27 percent) and 65+ (21 percent).
In choosing to use checking and savings accounts instead of credit cards to fund leisure travel, millennials appear to recognize the risk of carrying debt as a result of spending.
About Victory State Bank
VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.