Money Goals Hit Record High for New Year’s Resolutions
New Year’s resolutions are not limited to eating healthier or getting more exercise. With memories and side effects of the Great Recession still impacting households across the nation, more Americans than ever are considering financial resolutions for the year ahead.
In addition to new all time highs for the stock market, a record number of people are focusing on short-term and long-term money goals. According to a new report from Fidelity, 54 percent of Americans are considering a financial resolution, up from 46 percent in the previous year. This reading has increased more than 50 percent since 2009, when only 35 percent of Americans said they typically consider financial resolutions.
“These findings suggest individuals are taking more control over financial matters, leading them to feel better about their personal situations, which is a great way to ring in the New Year,” said Ken Hevert, vice president of retirement products, Fidelity Investments. “Making financial resolutions, such as saving more and paying off debt, can have a tremendous impact on the financial and emotional well-being of a household, so it’s encouraging to see that so many Americans intend to build a stronger financial foundation in the year ahead.”