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Life Health > Life Insurance

New York Life Survey: Americans Plan to Reduce Debt and Save More

By Warren S. Hersch

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A majority of Americans plan to reduce their debt and save more, according to a new report.

New York Life Insurance Co., New York, published this finding a November survey, New York Life Kitchen Table Pulse. Conducted by Ipsos North America, New York, the survey polled 1,000 adults aged 30 and older.

Fifty-seven percent of the survey respondents say they plan to reduce their debt in 2012. And 50% plan to save more.

The survey also reveals Americans’ continuing concerns about their financial future. In the year ahead only 30% agree that their family will be more financially secure and better prepared for the unexpected. And just 24% believe they will be in better financial shape for retirement.

Among the survey’s other findings:

Those most likely to say that they will reduce their debt in 2012 include those aged 45-59 (65%), men (61%), married adults (61%), and full-time workers (60%).

Adults ages 30-59 are more likely than not to plan to save more next year than are those who are older (55% vs. 37%).

14% of Americans report they plan to seek professional help managing their finances in 2012.

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