Ed Jones Survey Says: Americans Want to Save

In terms of geography, the south had the highest percentage of respondents who chose to increase savings (37%) but the lowest percentage who plan to contribute more money to their retirement plan (7%).

Meanwhile, Americans who live in the north central region consider paying down debt a higher priority than putting money into their child’s or grandchild’s education (36% and 7% respectively).

Differences in household income also had an impact on responses. Those with a household income of less than $35,000 were more likely to choose increase savings as their top financial goal than those with an income between $75,000 – $100,000 (39% and 26%). Interestingly, American households with income less than $35,000 and more than $100,000 are evenly split (16%) when it comes to funding their child’s education.

Respondents’ ethnic background also played a part in determining resolutions for the coming year. While Whites rank increase savings (31%) and pay down debt (29%) almost evenly, Hispanics show a greater disparity in opinion, with 39% hoping to increase savings over paying down debt (26%). Whites are also more concerned with paying off their mortgage faster (10%) than both African Americans (3%) and Hispanics (4%).

The survey showed little difference in opinion based on education level, yet household size significantly shaped respondents’ views on contributing to a child’s education or retirement. Thirty-five percent of respondents with three family members or more rate paying down debt a top priority, compared to respondents with only two family members (25%).