Even though 2011 saw high unemployment, sagging home prices and a volatile stock market, 80 percent of Americans said that they will not focus on financial planning in their resolutions for 2012, according to a recent survey from Allianz Life Insurance Company of North America (Allianz Life).
This lack of financial focus is at the highest level in the survey’s three-year history, exceeding the 67 percent of Americans who ignored financial planning when making resolutions in both 2009 and 2010.
The main reason for leaving financial planning out of resolutions was respondents’ belief that they “don’t make enough to worry about it” (35 percent). Twenty-three percent said that they already “have a solid financial plan” and 17 percent attributed it to the fact that they “don’t have an advisor/financial professional.”
“Everyone, regardless of income level, needs to make financial planning a priority,” said Katie Libbe, vice president of Consumer Insights at Allianz Life. “Whether you do it yourself, through a range of free and inexpensive tools online, or seek the help of a financial professional, the last few years have taught us that we must prepare for uncertainty and risk. Sound financial planning helps people increase their capacity to save.”
Waistlines Trump Wallets
Americans also put their waistlines ahead of their wallets in 2012 New Year’s resolutions. Forty-nine percent said that they were most likely to make and keep a resolution related to exercise/diet versus managing their money better (43 percent).