According to a study conducted by the Bank of America, 64% of consumers who have at least USD 20,000 in investable assets say they are spending more wisely, in line with common New Year’s resolutions on budgeting. Furthermore, more than four out of five surveyed (82%) work with at least two financial institutions, and 28% are doing so to maximize returns.
These consumers overwhelmingly want to be rewarded for the financial actions they are already taking, in particular those that can be deemed as responsible actions, such as depositing to a savings account (cited by 85%), making mortgage payments on time (74%), using a debit or credit card (72%) or depositing to a retirement account (70%).
Findings reveal that 8 out of 10 (79%) consumers want rewards that make their money go further, while just 20% want rewards to use toward a major purchase or special one-time activity. A majority of these consumers (61%) say they most want rewards for everyday activities, and the most popular banking rewards are those that help grow or maintain existing balances. These include no-fee everyday banking services (cited by 67%), no ATM fees (53%), higher savings interest (50%) or cash back on purchases (50%).
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