Of those Americans considering a financial resolution for the new year, 46 percent say they want to save more in 2012, with a median annual target of $2,400, doubling last year’s resolution to save $1,200, according to an annual survey by Fidelity Investments.
For a third year in a row, the top two resolutions for those surveyed were save more, followed by spend less (21 percent). The third most popular financial resolution was to pay off debt (19 percent), which jumped from seventh place and replaced last years New Year's resolution to make a budget.
Based on Fidelity's survey, Americans' resolution to pay off their debt is a continuation of a goal many are already working toward, with almost one-third (29 percent) reporting that they are in less debt now when compared to the same time period last year.
Saving for retirement was the leading long-term goal when survey respondents broke down their resolution to save into long vs. short-term goals. Short-term savings goals shifted from last year, however, with the biggest increases in saving for a household upgrade or repair, (up to 45, percent from 26 percent last year), followed by building an emergency fund (up to 65, from 50 percent last year), and saving for a home (up to 32 percent, from 22 percent). Buying a car and luxury goods purchases were both down from last year.