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Fidelity® Finds 2010 New Year Resolutions of Many Americans Will Be Financially Based as a Result of Economic Downturn
added: 2009-12-11

A new study from Fidelity Investments® found that financial New Year resolutions are gaining in popularity in 2010, as many Americans focus more on money due to the recent economic events.

The telephone survey, which reached out to more than 1,000 Americans ages 18 and older, indicated that a third (35 percent) typically consider New Year resolutions regarding their finances. For the coming year, however, 43 percent of individuals said they are more likely to consider financial resolutions, a potential jump of 23 percent. This number increases to 55 percent among those ages 35 to 44, who often are managing multiple financial goals such as saving for retirement and a child’s education and paying down mortgages. Additionally, more women surveyed (48 percent versus 39 percent for men) said they are likely to consider financial topics in 2010.

The study also found that more than seven in 10 (71 percent) individuals hope to increase their confidence level in their finances with their resolutions. This year, for example, Fidelity has seen a 25 percent increase in attendance at its seminars and conducted more than 1.2 million guidance interactions with customers of all life stages.

“Americans are eager to feel better about their personal finances, and it’s driving them to ask themselves questions about how to set short- and long-term goals,” said Ken Hevert, vice president, Fidelity Investments. “As investors continue to ask these crucial questions, it’s important they seek trusted guidance and create an action plan.”

Saving more and spending less was the overwhelming mantra for most Americans when listing the top three financial resolutions they are considering. More than half (51 percent) said that saving more money was their primary focus, followed by spending less money (30 percent) and making or sticking to a budget (14 percent).

Although nearly one-third (30 percent) of Americans said it was harder to keep a financial resolution over other popular resolutions, 60 percent said they had stuck with their past financial resolutions versus 51 percent who kept non-financial resolutions. Of the 31 percent who broke their financial resolution in past years, the average length of time they managed to stay with their resolution was a little more than three months (3.2 months). But the vast majority (88 percent) of those considering a financial resolution said they believe the economic events of the past year will give them impetus to stick with them in 2010.


Source: Business Wire

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