COVID-19 Hasn't Canceled New Year's Resolutions, According to CIT Bank Survey

NEW YORK, Dec. 15, 2020 /PRNewswire/ -- Despite the turbulence of 2020, Americans are not turning their backs on making goals for the year ahead. In fact, more Americans are planning to make New Year's resolutions for 2021 (43%) than did so for this year (35%), according to a new survey from CIT Bank conducted by The Harris Poll.

CIT's survey of more than 2,000 Americans, which took place between December 1 and December 3, found that while COVID-19 upended lives, a strong majority of those who made resolutions for 2020 (84%) report that they have kept at least somewhat on track with their resolutions throughout the year.

Gen Z (ages 18-25) and Millennials (ages 26-39) are prioritizing New Year's resolutions the most, with 56% and 61%, respectively, planning to make resolutions for 2021. By comparison, 45% of Gen X (ages 40-54) and just 24% of Boomers/Seniors (ages 55+) are making resolutions.

Focus on Exercise and Self-Care
Among those planning to make resolutions for 2021, the top choices include exercising regularly (56%), managing their weight (50%), focusing on saving or budgeting (49%) and practicing more self-care (49%). Surprisingly, only 39% are resolving to spend more time with family and friends in the New Year, suggesting that even following a year marked by limited interactions with others the primary focus is on self-care. Notably, 53% of Gen Z have the goal of learning a new skill, more than any other generation.

"Looking at the year ahead, Americans are resolving to focus on self-care, setting goals to exercise, develop better habits, de-stress and meditate," said Ravi Kumar, head of CIT's direct bank. "Encouragingly, many are also resolving to save more money or budget their finances better, practicing financial self-care. In addition to taking care of the body, mind and spirit, it's also important for consumers to take care of their finances, which helps lead to a more balanced and stress-free life."

Americans' Savings Patterns Hold Compared to Last Year
Despite uncertainties related to the pandemic and economy, an encouraging 40% of Americans are saving the same amount of money compared to this time last year, with another 27% reporting that they are saving more money. Just one-third (33%) are saving less than they were at this time in 2019.

"Creating and maintaining a smart savings strategy can help consumers live a healthier and more balanced life, providing peace of mind amid continued uncertainty," continued Kumar.

CIT Bank's Money Market account can make it easier to manage and maintain savings goals, as it offers a way to grow savings while maintaining access to funds. It's an FDIC-insured, flexible and accessible account that can be used for building up a financial safety net for emergencies or saving for short- or long-term goals.

See more from CIT Bank's New Year's Resolution Survey in this infographic.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

About The Survey
This survey was conducted online within the United States by The Harris Poll on behalf of CIT Group from December 1-3, 2020 among 2,037 U.S. adults ages 18 and older. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Susan Fitzpatrick (Susan.Fitzpatrick@cit.com).

MEDIA RELATIONS: 
Susan Fitzpatrick
(212) 461-7806
Susan.Fitzpatrick@cit.com

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SOURCE CIT Group Inc.