WILMINGTON, DE — A recent Money Trends survey by WSFS Bank reveals significant changes in the spending and saving habits of residents in the Greater Philadelphia and Delaware region. With 38% of respondents spending more now compared to last year, rising costs and inflation were identified as primary drivers, affecting 69% of those surveyed.
Conducted among 1,000 adults aged 18-55, the survey highlights that half of the participants are paying more for essentials like groceries and utilities. Shari Kruzinski, WSFS Bank’s Executive Vice President, emphasizes the need for consumers to remain disciplined in their spending. “While inflation has cooled, it’s important to stay budget-focused,” Kruzinski advises.
Regarding payment methods, 44% of respondents now prefer using debit cards, and 35% use buy-now-pay-later services. However, 35% reported challenges in managing BNPL debts. Shelly Kavanagh, WSFS Bank’s Senior Vice President, advises consumers to manage their accounts carefully to avoid financial pitfalls.
Despite economic pressures, opportunities for saving persist. While 46% are saving less overall, 28% report increased savings. Kruzinski encourages consumers to set financial goals and explore high-yield options like CDs to maximize savings potential. The survey was conducted by Opinium with a margin of error of +/- 3%.
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