New Year's Resolutions

When it comes to the economy and the New Year, individuals seem to be exhibiting 20-10sion.

It should come as no surprise that more individuals made New Year’s resolutions regarding finances than in the past. Two financial services firms conducted surveys to identify exactly what level of confidence existed entering this year.

Fidelity Investments, in collaboration with Opinion Research Corp, conducted a poll of adults throughout the country regarding their economic goals for the upcoming year. 43 percent (8 percent more than in past surveys) said they made resolutions concerning money. When asked about what they were specifically, these were the results:

• 51 percent said saving more money would be their primary focus.
• 30 percent said spending less.
• 14 percent who said they were going to try making or sticking to a budget.

These results are quite similar to a recent survey conducted by Edward Jones, which wielded these results:

• 33 percent chose increase savings as their top financial resolution.
• 30 percent chose paying down debt.
• 13 percent aimed to set aside more money for a child's or grandchild's education.
• 9 percent selected contributing more money to a 401(k) or IRA plan.
• 7 percent paying down a mortgage faster.
• 3 percent said they would begin working with a financial adviser.

It’s clear that public perception is that the economy is not recovering to the point where spending beyond necessity will start any time soon. Financial institutions should take this under consideration when messaging and creating materials aimed towards convincing the general public that the time to invest is now.