More Americans are promising to improve their personal finances next year, with one money resolution topping all others by far.
Thirty-seven percent of Americans are making financial goals for the New Year, up from 31 percent last year, according to a new Fidelity survey. More than half (54 percent) cited saving more as their top financial goal for 2016, followed by spending less (19 percent) and paying off debt (16 percent) at a distant second and third.
Among those who cited saving as a top priority, 63 percent were socking money away for long-term goals such as college and retirement. A third were saving for shorter term goals, including building an emergency fund.
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“Committing to financial goals such as saving more and paying off debt can have a tremendous impact over time on the wellbeing of a household,” Ken Hevert, senior vice president of retirement at Fidelity, said in a statement, “which may be why people who make resolutions on money matters tend to feel better about financial wellness than those who don’t.”
Americans who made resolutions last year are more optimistic about their financial futures, have less debt than a year ago, and are more financially secure than those who didn’t make any resolutions at all, according to the survey.
More than half of those who achieved or nearly achieved their 2015 money goals reported they were in better financial shape this year. Only a third of those who didn’t accomplish their resolutions felt the same way.
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“While the act of making a resolution is certainly not enough to ensure financial prosperity, it can provide the motivation needed to get you headed in the right direction,” Hevert said. “The next step is to stick with it.”
Americans also appeared optimistic going into 2016, with 72 percent anticipating a better money situation next year. Even so, financial concerns remain. The top 2016 money worries include unexpected expenses, the economy and health care costs in retirement, the survey found.