According to the Fidelity New Year Financial Resolutions Study (that was completed late in 2013) 54% of Americans were considering making a New Year resolution regarding their finances, as compared to 35% who reported this in 2009. As New Year receded into a snow storm, there were probably even more of us who made a financially-related New Year resolution, in addition to others.
The top three financial New Year resolutions are:
Survey respondents favored long term financial goals over short term goals by 53% to 39%. The leading long term financial goal was saving for retirement in a tax deferred account such as a IRA or a 401(k) (53%), followed by savings for college (35%) and saving for retirement health care costs (28%).
However, our good intentions notwithstanding, almost half of us were concerned that the continuing uncertainty around the economy, the debt ceiling struggles, and the ongoing threat of higher interest rates could deter our good resolutions. In addition, as we all know from experience, New Year resolutions are not easy to implement. How are you doing with your New Year resolution?
While we may not be able to help you stick to your gym routine, we can help you with financial New Year resolution. Here are a few things to keep in mind:
Every good New Year resolution needs a support system. A best friend to keep you honest at the gym. A house mate to give you the eye when you head to the fridge. And a financial planner to guide you to the most informed investment decisions. Contact us so today so we can help you put your New Year’s resolutions back on track.
A previous version of this post was published in the Boston Globe