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WSFS Bank's Annual Money Trends Survey Signals Shift to Purposeful Spending as Consumers Redefine Financial HabitsRegional consumers are rewriting their financial playbooks. Rather than simply reacting to economic headwinds, households are showing increasing levels of financial mindfulness, and are evaluating how they spend, borrow, and save. According to the annual Money Trends survey from WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), this behavioral shift is underscored by the fact that 39% of respondents report spending less overall than they were a year ago. The survey, which polled residents in the Greater Philadelphia and Delaware region, found that financial flexibility and deliberate allocation have become priorities for consumers. While essential expenses continue to account for a large portion of household budgets, consumers are responding well and taking a proactive approach to their finances. For those experiencing higher spending, rising costs and inflation were reported as the most common cause (77%), followed by increased income (28%), and unexpected emergency expenses (26%). "The findings reveal an interesting evolution in consumer behavior," said Shari Kruzinski, Executive Vice President, Chief Consumer Banking Officer, WSFS Bank. "Local residents aren't just cutting back out of necessity; they are making a strategic shift toward more intentional spending. We are seeing consumers evaluate purchases, ask better questions, pause before making an impulse purchase, and choose debit options over credit. Consumers are finding innovative ways to make every single dollar work harder for them." Shifting Habits and Debt Caution Households are also becoming much more deliberate about taking on debt and prioritizing financial stability. Among the 39% of respondents who reported spending less than the year prior, the most common discretionary categories they've reduced included restaurants (38%), travel and vacations (35%), online shopping (33%), and entertainment (32%). For the 32% of respondents who reported spending more than the year prior, the most common categories were household essentials including groceries (67%), utilities (55%), transportation (44%), and housing (44%). Regional residents are also optimizing modern banking technology to manage day-to-day finances, with the use of payment apps and digital wallets significantly increasing since 2023 (67% and 54%, respectively). Payment apps including Venmo and Zelle are the most regularly used payment method (73%), followed by digital wallets (64%), and cash/check (47%). By leaning into debit-based structures, consumers are intentionally moving away from high-interest consumer credit, like Buy ow, Pay Later. "It's encouraging to see how intentional consumers have become about their spending. Our clients are thinking further ahead about their financial future and approaching debt management with a new perspective. True financial resilience isn't achieved by reacting to headline economic indicators. It's built through strong, consistent habits, implemented over time," explained Kruzinski. Opportunities to Maximize Savings The survey further emphasizes this mindset by highlighting the specific actions consumers are taking to protect their financial well-being, with top strategies including avoiding loans (30%), cutting non-essential spending (28%), and reducing credit spending or debt (25%). Although the survey shows consumers are working hard to save money, it also highlighted a critical awareness gap in savings products, with 24% of respondents unaware of high-yield money market accounts, 19% unfamiliar with money market accounts, 18% unfamiliar with certificates of deposit, and 16% unfamiliar with high-yield savings accounts. "As a banker, I'm concerned about the regional savers who are missing prime opportunities to maximize savings and build wealth. These awareness gaps present a major opportunity for financial institutions to step in and help consumers," Kruzinski said. "Households are sending a clear message. This isn't just about paying more at the grocery store. It's a full shift in mindset. In our daily client conversations, we are seeing a community eager to build long-term financial flexibility. By sharing knowledge of the and tools available, we can ensure this behavioral shift results in positive results for our local communities." Learn more about the survey at wsfsbank.com/moneytrends.
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