Survey shows split-deposit promotes saving

February 23, 2012

Survey shows split-deposit promotes saving

Most participants in a recent study commissioned by NACHA – The Electronic Payments Association said the ability to use split deposit of pay encourages them to save, the organization said Thursday.

In the study, results of which were timed for release during America Saves week, which ends Sunday, 89 percent of split deposit users see it as an employee benefit that helps them save time and money, the group reported. And 93 percent of employed adults using split deposit contribute to their savings each month.

"Employees who use split deposit, or split their pay among various accounts using direct deposit via automated clearinghouse, are more likely than non-split deposit users to contribute to savings each month," it said.

On average, respondents reporting monthly savings put away about $467 per month. The group said 77 percent of employed adults who do not use split deposit add some amount to their savings each month, and 23 percent contribute nothing.

Of the 85 percent of employed U.S. adults who say they participate in direct deposit via ACH, only 21 percent use split deposit.Of those who use split deposit, 85 percent agree that is it helping them create a more structured approach to saving.

Of those who do not use split deposit but have access to direct deposit, 71 percent indicated that they were unaware that split deposit could be requested of their employer, the group said.

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