SunTrust Introduces Financial Confidence Index
Annual index reveals the five behaviors of financially confident people
ATLANTA, April 10, 2018 /PRNewswire/ -- For the first time, there is an index that measures Americans' behaviors about money matters. SunTrust Banks, Inc. (NYSE: STI) today introduced the annual Financial Confidence Index, a measurement based on five core behaviors of financially confident people across all income levels.
The annual results coincide with national Financial Literacy Month. As of April 2018, the Financial Confidence Index (FCI) posts at 57.8 on a 100-point scale. This indicates that Americans' money habits reflect low-to-moderate financial confidence, an improvement from April 2017 when the index measured 56.3.
The survey asks individuals to rate themselves on their actions pertaining to five core behaviors of financial confidence: budgeting, debt management, savings, maximizing income and retirement planning. For example, survey questions include: "I have a budget I stick to every month," and "I am making progress saving for retirement."
"The Financial Confidence Index focuses on the consumer's mastery of his or her own financial behavior," said Keith Lerner, SunTrust managing director and chief market strategist. "While the economy is growing and indicators show that Americans are optimistic, the Financial Confidence Index illustrates that many people are still not taking control and developing strong habits around money."
Income alone does not necessarily determine financial confidence. "Even those with lower incomes can achieve financial confidence by building a balanced set of behaviors around money," said Lerner. "In fact, among all those surveyed, the majority said having a budget to help control spending is their top priority."
Lerner added, "Across all income levels, our research shows a correlation among Americans that cite high financial confidence and report behaviors to actively manage their money – such as using a budget, managing debt, saving regularly, maximizing their income and planning for retirement. Those with positive money habits also report greater life satisfaction."
SunTrust, a purpose-driven company, is leading the onUp movement to advance financial wellness in America. Through onUp.com, Americans have access to free tools, resources and a community to motivate them to take steps to gain greater control and confidence around their money.
SunTrust has commissioned ongoing nationwide polling from an independent firm since the second quarter of 2016. The survey, conducted by MaritzCX, polls 2,500 Americans each quarter. The survey is representative of the U.S. adult population and large enough to address Americans of different ages, incomes and geographic regions.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2017, SunTrust had total assets of $206 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
Keith Lerner, Investment Adviser Representative, SunTrust Advisory Services, Inc.
Investment and Insurance Products:
- Are not FDIC or any other Government Agency Insured - Are not Bank Guaranteed - May Lose Value
Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered investment adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates.
SOURCE SunTrust Banks, Inc.
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