A new survey of Georgia credit union members shows they're saving more.
They’re putting less on their credit cards.
They’re even hanging on to their vehicles longer in order to avoid buying another.
They’re still not confident about their financial future, however.
The report from the Georgia Credit Union Affiliate uses savings and lending data from 38 state credit unions and includes responses from 2,400 members.
Some of the key findings:
– 51.6 percent are not comfortable with the current amount they have saved for retirement.
– 35.5 percent are saving more, specifically to bolster retirement savings.
– 18.1 percent don’t know how they’ll ever be able to retire.
The good news is that savings account balances at Georgia credit unions have increased 5.5 percent this year while credit card balances have decreased 4.7 percent.
"Georgia consumers have shifted spending and saving habits over the last several years to offset the struggles they experience during economic doldrums," said Mike Mercer, president and CEO of the organization.
"There is an inevitable ripple effect from these warranted retirement concerns. No matter the type of lifestyle adjustments, it is clear that Georgians are committed, for the long haul, to saving more and preserving their hopes for retirement.”
The poll also found that even though they're waiting longer to replace vehicles, Georgians are apt to purchase new when they do buy. That may be, the credit unions say, because consumers can finance a new car with a 6-year loan at a rate better than a similar loan for a used vehicle.
New car loans grew 3.89 percent in the first quarter of this year, up from the 0.52 percent growth seen during the first quarter of last year. Used vehicle loans were up 0.19 percent in the first quarter.
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