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As Fed Meets, Survey Shows Savers are Confident About Their Financial Health to Weather Any Storm

Baltimore, MD (PRWEB) June 27, 2007 -- Money might not buy happiness but it does build confidence, according to research conducted by WTDirect, the online savings division of Wilmington Trust FSB. As the Federal Reserve meets today, Americans who have saved money in a 401(k) or savings account (http://www.wtdirect.com/savings-media030/index.htm?promo=WTF3PRW0607) this year may have future concerns about inflation, but they are saving with confidence and feel good about their financial health. In fact, over 80 percent of savers surveyed say they feel the same or greater confidence in their financial health this year than last year.

The WTDirect Saver Confidence Survey, performed by BIGresearch, a consumer intelligence firm, finds that most savers are savvy about economic indicators, with two-thirds taking notice of when the Federal Reserve meets to set interest rates and a similar number expressing some degree of confidence in today's economy. Yet confidence today doesn't mean savers are completely bullish on the future, with sixty-three percent expecting inflation to rise. On a positive note, nearly half expect the Fed to increase rates this year, which is seen as good news for savers.

Regardless of the expectation of economic changes ahead, savers don't seem to fear for their financial health. Seventy-seven percent of respondents to the WTDirect Saver Confidence Survey are planning to stick with their current savings strategy next year. Only 17 percent stated they will move money into less risky investments and less than half are considering any new savings instruments next year. Rather, they will continue to engage in positive financial behaviors, with nearly half of respondents expecting to save more and two-thirds expecting their debt to be lower next year.

"We are encouraged to see that Americans who save report being more confident regardless of economic fluctuations," said Rebecca DePorte, senior vice president of Personal Financial Services, Wilmington Trust. "It's clear that effective saving goes a long way toward building financial confidence. Savers feel prepared, no matter what might happen."

With respect to their financial goals, most savers surveyed report that retirement is their top objective and nearly three-quarters feel either confident or very confident that they will have saved enough to retire when they want. While not necessarily reacting to every fluctuation in the market, these savers are still realists. Should they start to fall short of their retirement goal, 49 percent plan to work longer or harder.

Similarly, results from the BIGresearch Consumer Intentions & Actions Survey for June show that a nationally representative group of all consumers plan to modify spending and savings behavior in the next year. Of those polled, less than one-third are 'savers'. Thirty percent plan to decrease their overall spending and try and save more over the next few months. One-third are currently paying down debt, a smart move to help them fare better with the expectation of changes in the economy. .

"In times of economic uncertainty, consumers should plan ahead and consider the best options to protect savings," Ms. DePorte said. "Placing money in a high-yield savings account featuring instant access and predictable returns can help protect assets through turbulent times."

To support Americans to save with confidence, WTDirect offers an FDIC-insured, high-yield online savings account with a 5.26 percent variable APY (a consistently high rate offered since 11/13/06) on balances of $10,000 or more. In addition to this rate consistency, the account features personal customer service and high transfer limits to provide flexibility to savers who are managing larger deposits.

Key statistics from WTDirect Saver Confidence Survey:

?50 percent are aware of Federal Reserve Bank meetings; 21 percent know exactly when it convenes

?44.5 percent expect an increase in interest rates this year

?67.2 percent express some degree of confidence in the current economy

?56 percent are not considering any new savings instruments next year

?45 percent expect to save more next year; nearly 63 percent expect debt to be lower

?78 percent report retirement as top savings goal; 73 percent feel confident or very confident they will achieve that goal

Key statistics from the BIG Consumer Intentions & Actions Panel:

?27 percent are savers (those who saved 10 percent or more of their income last year)

?47 percent have focused spending on "needs" more than "wants" earlier this year

?35.2 percent plan to pay down debt this year

?38 percent plan to save more next year; 50.8 percent plan to borrow less

Methodology

BIGresearch is a consumer intelligence firm providing insights and analysis of consumer behavior in areas of retail, financial services, automotive, and media. BIG conducts the Consumer Intentions & Actions Survey (CIA) which monitors the pulse of more than 7,000 consumers each month. The CIA delivers current, demand-based information on what the consumer is doing (retail, financial, dining, gas prices) and how their behaviors are changing each month. The data provides intelligence on where the consumer is going, their intentions and actions. The BIGresearch methodology provides the most accurate information in the industry with a margin of error of +/- 1 percent.

BIGresearch conducted the WTDirect Saver Confidence Survey online by polling 1,056 Americans over the age of 18 who indicated they put money into savings instruments in 2007. The survey was conducted June 11-13, 2007 to gauge savers' feelings on the economy, the Federal Reserve and their savings intentions in the next year.

About WTDirect

Founded in 2006, WTDirect is a division of Wilmington Trust FSB, offering a smart way for discerning clients to manage larger deposits online with superior, personalized service. WTDirect's signature product, an online high yield savings account, features a consistently high interest rate, personalized service with a "human touch" and greater protection when it comes to online saving. WTDirect and Wilmington Trust FSB are part of the Wilmington Trust family of companies, which is one of the largest personal trust providers in the United States and includes the leading retail and commercial bank in Delaware, founded in 1903. For more information, please visit www.wtdirect.com or call 1-800-WTDIRECT.

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