A recent survey of 1,000-plus adults conducted by Edward Jones shows 33 percent of Americans believe ‘increase savings’ will be their top financial resolution for 2010.
Increase savings topped the list for both men and women, along with other financially-focused resolutions such as paying down debt (30%) and putting more money into your child’s or grandchild’s education (13%), the company says.
“A fresh start to the year signals ample opportunity to explore new financial strategies like enrolling in a retirement plan, enlisting the help of a financial advisor and making sure you have a balanced portfolio that includes an appropriate amount of quality investments,” says Clif Helbert, a partner in retirement plan marketing with Edward Jones.
Other responses included contributing more money to a 401(k) or IRA plan (9%), paying down mortgage faster (7%) and begin working with a financial advisor (3%). Interestingly, nearly twice as many men than women are planning to contribute more money to a retirement plan in 2010 (11% vs. 6%).
Americans between the ages of 18 and 34 and over the age of 65 are most concerned about increasing savings (37% and 38% respectively) while middle aged respondents place a higher priority on paying down debt (ranging from 31% to 37%). Older Americans (aged 65 and over) are most concerned with providing educational funding for their offspring (16%) but less concerned with paying down debt than their younger counterparts (18% vs. 37%).