The end of the calendar year brings on a sea of emotions and lots of reflection and introspection. It can also be a very stressful time in some cases, but most of all we want to leave the bad times behind us to continue on anew. Every year, there are people all over the world that make it their mission to get their finances in check. Building a financially stable basedrive feels good for anyone and it’s never too late to get a jump on that.
GoBankingRates carried out a poll trying to find out what most respondents had planned for their financial resolutions in 2014. Thirty-nine percent of consumers said they hoped to save more money: even before paying off debts, making investments, getting a house or building up an emergency fund. It’s clear that people feel as though they don’t have anything to hold onto when it comes to money anymore. Are you curious about what the biggest financial resolutions might be for the New Year? Might there be one or two of the biggest financial resolutions that had never even crossed your mind? Find out more and see if you can do better this year!
Biggest Financial Resolutions This Year
Everyone would love to have more money than they have because it’s never enough. If you make very little, you always need more just to survive in society and if you make way more than enough, you’ll always want to obtain more simply on a principle. It’s not a surprise or a coincidence that a sizeable percent of all resolutions made each year revolve around money. GoBankingRates also found out in a separate survey they conducted in September that more people are afraid of going broke than dying and it’s so sad that we can’t even blame them for that response. Money confines and constricts us in ways that we don’t truly understand. When the same biggest financial resolutions poll was conducted again this year, figures were generally the same in one area: people still want to save as much money as they can before doing anything else with their finances.
- People are even less concerned with paying down their debts than they were last year.
- Individuals also noted that they’re interested in changing their spending habits as that was a new choice added to the poll this go-round.
Results by Region
From the results collected, it seems that people on both the East and West coasts have their eyes fixed at saving more money which could be due in part to those higher salary brackets and higher costs of living and in the Southeast, the savings rates are fairly lower. Those in the South tend to want to pay their debts off more than those out West.
Debt is probably more of a non-issue for those out West but they definitely want to better their spending habits which could mean that they want to spend less on impulse purchases.
Results by Age
When you think about the ages of those that were polled, the baby boomer generation had the greatest motivation to improve their spending habits which makes complete sense as they inch closer to retirement age when the money flow will slow down when you live on a fixed income budget. Millennials are focused on saving as much money as possible so they can hopefully manage to buy their own houses and start families very soon.
Millennials also seem to lead the way where debt is concerned: they’ve done the most to lower their debts than any other age bracket.
Saving Money Remains a Priority
One of the biggest financial resolutions for the New Year is a hope to save more money with a whopping fifty-five percent of people striving to do so. It’s not hard at all to understand why people are so concerned with saving more. Our country has never fully recovered from the recession of the 00’s and the job market is still not stable enough to provide work for all of the able-bodied prospective workforce we’ve built. People were hit hard when the housing market crashed and they lost their homes for all kinds of reasons. We still might spend way more than we should, but we’ve learned that times have truly changed and things will only continue to rise in price. People are so pressed to save money because they don’t want to get caught in a sticky situation that leaves them with no options. Even though consumer confidence continues to rise and jobs continue to be created, it seems that people are learning from their mistakes and they won’t allow themselves to be had so easily again, so making the biggest financial resolutions means a lot.
Long-term financial planning is also coming into the picture as one of the biggest financial resolutions. As individuals begin to navigate down a good financial path again, they’re beginning to look ahead even further.