WSFS Bank Survey Finds Consumers Embracing Purposeful Spending and Smarter Financial Habits
Consumers across the Greater Philadelphia and Delaware region are taking a more intentional approach to managing their money, according to the latest annual Money Trends Survey released by WSFS Bank, the primary banking subsidiary of WSFS Financial Corporation (Nasdaq: WSFS). Rather than simply reacting to inflation and economic uncertainty, households are actively reshaping their financial habits by spending more carefully, reducing debt, and seeking greater long-term financial stability.
The survey reveals a noticeable shift in consumer behavior, highlighting that many households are becoming increasingly disciplined about how they allocate their income. Instead of relying on impulse purchases or unnecessary borrowing, consumers are focusing on essential spending, building savings, and making financial decisions that align with long-term goals.
One of the survey’s most notable findings is that 39% of respondents reported spending less overall compared to a year ago. This reduction reflects more than simple cost-cutting—it signals a growing commitment to financial mindfulness and strategic money management.
Consumers Prioritize Financial Flexibility
The research, conducted among residents throughout southeastern Pennsylvania, southern New Jersey, and Delaware, indicates that financial flexibility has become a top priority for households navigating today’s economic environment.
While inflation and higher living costs continue to pressure family budgets, consumers are increasingly responding with proactive financial planning rather than reactive spending. Families are carefully evaluating purchases, comparing prices, delaying unnecessary expenditures, and seeking ways to maximize every dollar they earn.
For respondents who reported higher spending than the previous year, inflation remained the primary driver. Approximately 77% cited rising prices and higher living costs as the biggest reason for increased spending.
Other factors contributing to higher expenses included:
- Increased household income (28%)
- Unexpected emergency expenses (26%)
These findings suggest that while many households are spending more in absolute dollars, much of that increase stems from unavoidable economic factors rather than discretionary consumption.
Purposeful Spending Replaces Impulse Buying
According to WSFS Bank, consumers are making a fundamental shift in how they approach spending decisions.
Shari Kruzinski, Executive Vice President and Chief Consumer Banking Officer at WSFS Bank, explained that households are becoming much more deliberate before making purchases.
Rather than simply cutting expenses because of financial pressure, consumers are actively asking whether purchases align with their financial priorities. Many are pausing before making impulse purchases, comparing payment options, and increasingly choosing debit transactions instead of relying on credit.
This trend reflects a broader movement toward intentional financial management, where consumers focus on preserving cash flow while minimizing unnecessary debt.
Dining, Travel, and Entertainment Spending Declines
Among respondents who reported reducing their spending over the past year, several discretionary categories experienced the largest declines.
The survey found consumers most frequently reduced spending on:
- Restaurants (38%)
- Travel and vacations (35%)
- Online shopping (33%)
- Entertainment (32%)
These categories represent areas where households have greater flexibility to reduce expenses without significantly affecting essential living needs.
The findings suggest consumers are choosing to redirect discretionary dollars toward savings, emergency funds, or essential expenses instead of lifestyle spending.
Essential Household Costs Continue Rising
While discretionary purchases declined for many families, essential household expenses continued to increase.
Among respondents who reported spending more than last year, the largest increases occurred in everyday necessities.
Higher spending was reported for:
- Groceries (67%)
- Utility bills (55%)
- Transportation costs (44%)
- Housing expenses (44%)
These categories continue to absorb a growing share of household budgets, leaving consumers with less flexibility for optional purchases.
The survey underscores how inflation continues to reshape consumer priorities, encouraging households to distinguish between essential needs and discretionary wants.
Digital Banking Continues to Gain Momentum
Another WSFS major trend highlighted by the survey is the increasing adoption of digital payment technologies.
Compared with results collected in 2023, the use of both payment applications and digital wallets has grown substantially.
According to the survey:
- 67% reported increased use of payment apps.
- 54% reported increased use of digital wallets.
Consumers are embracing convenient digital financial tools as part of their everyday banking routines.
Among the most commonly used payment methods:
- Payment apps such as Venmo and Zelle lead with 73% usage.
- Digital wallets follow at 64%.
- Traditional cash and paper checks remain in use by 47%.
The continued expansion of digital payments reflects broader consumer preferences for convenience, speed, and secure electronic transactions.
Debit Usage Increasing While Credit Reliance Falls
The survey also indicates consumers are becoming more cautious about borrowing.
Many households are increasingly choosing debit-based payment methods over high-interest forms of consumer credit.
Instead of financing purchases through Buy Now, Pay Later programs or revolving credit card balances, consumers appear more focused on spending money they already have available.
This behavioral change reflects growing awareness of rising borrowing costs and the long-term financial impact of carrying high-interest debt.
Financial experts often note that reducing reliance on consumer credit can improve household financial resilience during periods of economic uncertainty.
Financial Stability Becomes the Primary Goal
WSFS believes today’s consumers are thinking beyond immediate budgeting challenges.
Rather than responding only to changing economic headlines, many households are adopting consistent financial habits designed to improve their overall financial health over time.
These habits include:
- Monitoring spending more closely
- Reducing unnecessary purchases
- Managing debt carefully
- Planning future expenses
- Building financial flexibility
According to Kruzinski, lasting financial resilience develops through disciplined financial behaviors practiced consistently rather than short-term reactions to market conditions.
Consumers Focus on Debt Reduction
The survey further demonstrates consumers’ growing interest in protecting their financial future through responsible debt management.
Respondents identified several strategies they are using to strengthen their finances.
The most common approaches include:
- Avoiding new loans (30%)
- Cutting non-essential spending (28%)
- Reducing credit card spending and debt (25%)
These findings suggest many households are prioritizing stronger balance sheets over increased consumption.
Reducing debt obligations can improve monthly cash flow while helping consumers better withstand future financial challenges.
Savings Awareness Gap Remains
Despite growing interest in saving money, the survey uncovered significant knowledge gaps surrounding available savings products.
Many consumers remain unfamiliar with financial tools that may help them earn stronger returns on savings.
Survey results found:
- 24% were unfamiliar with high-yield money market accounts.
- 19% did not know about money market accounts.
- 18% lacked familiarity with certificates of deposit (CDs).
- 16% were unfamiliar with high-yield savings accounts.
These WSFS findings suggest that while households want to save more effectively, many may not fully understand the range of available banking products.
As interest rates remain elevated compared to previous years, higher-yield deposit accounts may offer consumers opportunities to generate greater returns on idle cash.
Financial Education Presents Major Opportunity
WSFS believes these knowledge gaps highlight an important opportunity for financial institutions to provide education and guidance.
Helping consumers understand available savings options may enable households to better protect their money while working toward long-term financial goals.
Educational efforts surrounding savings products, interest rates, and financial planning could help individuals make more informed decisions about where to keep emergency funds and long-term savings.
According to the survey findings, consumers appear highly motivated to strengthen their financial futures but may benefit from additional information regarding available banking solutions.
A Broader Shift in Consumer Mindset
Beyond individual spending categories, the survey points to a broader transformation in consumer attitudes toward money management.
Rather than focusing solely on rising grocery prices or inflation, households increasingly view financial success through the lens of long-term flexibility and stability.
Consumers are demonstrating greater discipline in budgeting, embracing digital financial tools, reducing dependence on debt, and prioritizing savings wherever possible.
This evolving mindset reflects growing financial maturity as households adapt to changing economic conditions with intentional planning rather than reactive behavior.
Survey Methodology
The 2026 Money WSFS Trends Survey was conducted by research firm Opinium on behalf of WSFS Bank.
The online survey included 1,022 respondents between the ages of 18 and 55 residing throughout the Greater Philadelphia and Delaware region.
Participants represented five southeastern Pennsylvania counties—Bucks, Chester, Delaware, Montgomery, and Philadelphia—along with four southern New Jersey counties—Atlantic, Burlington, Camden, and Gloucester—and all three Delaware counties: Kent, Sussex, and New Castle.
Data collection took place between February 12 and March 12, 2026.
The survey WSFS paints a picture of consumers who are becoming increasingly intentional with every financial decision. Rather than allowing economic uncertainty to dictate their choices, households are proactively reshaping spending habits, embracing digital banking tools, reducing reliance on debt, and focusing on long-term financial resilience.
Although inflation and higher living costs remain ongoing challenges, the findings suggest consumers are responding with greater discipline and financial awareness. As WSFS interest in budgeting, saving, and responsible borrowing continues to grow, financial institutions have an opportunity to support this transition by expanding education around savings products and digital financial solutions.
Overall, the 2026 WSFS Money Trends Survey highlights a meaningful shift in consumer behavior—one where purposeful spending, careful financial planning, and long-term wealth-building are becoming central to everyday money management.
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