SOURCE: SaveUp, Inc.

SaveUp

October 02, 2013 08:03 ET

It Pays to Be a Midwesterner With a PhD According to SaveUp Study

New SaveUp Data Identifies Profile of Those Most Likely to Save

SAN FRANCISCO, CA--(Marketwired - October 02, 2013) - SaveUp (www.saveup.com), a national online financial rewards program for saving and paying down debt, today announced the findings of its September U.S. Consumer Savings and Debt Report that identifies the likely profile of a financial saver. Findings show that those living in the Midwest with a PhD are more likely to generate short-term relative asset growth.

Across the United States, only 61 percent of Americans contributed to their savings during the month of August.

SaveUp also found that college educated consumers were more likely to save. For those who didn't graduate high school or whose highest level of education is high school, only 55 percent contributed to their savings accounts. However, those holding bachelor degrees are 18.2 percent more likely to have contributed to their savings accounts last month than those who didn't finish high school. PhD graduates are the most likely savers, as they are 22.1 percent more likely to save than Americans with high school education.

SaveUp's study shows that Midwesterners were 9.1 percent more likely to save than those residing in the West.

   
Region % who saved
Midwest 62.3%
Northeast 61.5%
South 61.5%
West 57.1%
   

"Although high wages, strong real estate values and the fast adoption of new technology are part of the West coast culture, these factors are not necessarily indicators of financial wellness," says Priya Haji, CEO of SaveUp. "It is encouraging to see such a strong rate of savings account contributions in the Midwest."

While simply having more savings accounts doesn't mean you're necessarily saving more, people with 3 or more accounts were 8 percent more likely to have contributed money to those accounts in August than those who had fewer than 3. Interestingly, women and men were equally as likely to contribute to their savings accounts, both 61 percent of the time, despite men's higher wages. Lastly, results showed that the number of credit cards owned is not an indicator of one's likelihood to save.

Methodology
The SaveUp U.S. Consumer Savings and Debt Report analyzes current savings and debt levels of its user base and makes monthly comparisons pulled at least 30 days prior and no more than 90 days prior to the stated month. This month's report is based on the data of a representative sample of more than 30,000 SaveUp users' savings and debt balances.

About SaveUp
Founded in 2011, San Francisco-based SaveUp is the first free nationwide rewards program that encourages Americans to save money, pay down debt and make positive financial changes. By partnering with major consumer brands and financial institutions, SaveUp gives users the opportunity to win exciting prizes for performing positive financial actions. Individual user information is secure on the site with bank level encryption. Intuit provides the back-end aggregation technology and SaveUp has completed a bank-level security audit.

To get rewarded for your positive financial actions or to partner with SaveUp as a bank or sponsor, please visit us at www.saveup.com

Contact Information