To "lose weight," "exercise more," and "get more organized" on the typical New Year's resolution list, add "save more" and "spend less."
Recent surveys by two different investment houses—Fidelity and Putnam—both show an increased interest in finance among Americans making New Year's resolutions. The Putnam survey found "saving more" ranked slightly higher as a goal among the 1,000 Americans surveyed than did other traditional resolutions. Thirty-six percent listed it as their first priority, compared with 34 percent each for "lose weight" and "exercise more."
The Fidelity survey, also of 1,000 Americans, revealed a similar interest in financial issues. Seven in 10 of those surveyed said they hoped to increase their confidence related to their finances.
It's no surprise that investment houses would promote the idea of financial resolutions. They have much to gain from folks walking in the door for help and advice. But judging from the big uptick in the U.S. savings rate, to 4.7 percent in November from less than 1 percent in early 2008, Americans are taking financial resolutions seriously, even if it's not their preference.
Notably, the Fidelity survey found that 60 percent of those who'd made financial resolutions last year stuck with them. That's more than the 51 percent who'd stuck with other types of resolutions. Over the next few days, the Consumer Reports personal finance staff will share how well they fared keeping their financial resolutions, and what they plan for 2010.
How'd you do with financial resolutions this past year, and what do you resolve for 2010? We'd love to read your comments.
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