Resolutions for 2010 Will be More Financially Focused

December 10, 2009 — A new study from Fidelity finds more Americans than in the past are resolving to save more and learn more about finances in the coming year. —

The telephone survey of more than 1,000 Americans ages 18 and older indicated that 35% typically consider New Year’s resolutions regarding their finances, but 43% of individuals said they are more likely to consider financial resolutions for the coming year. This number increases to 55% among those ages 35 to 44, Fidelity said.

Additionally, more women (48%) than men (39%) said they are likely to consider financial resolutions for 2010.

Saving more and spending less topped the list of financial resolutions respondents are considering. More than half (51%) said that saving more money was their primary focus, followed by spending less money (30%), and making or sticking to a budget (14%).

More than eight in 10 (83%) said they are likely to learn more about financial topics in the new year, with the two most mentioned subjects being setting financial goals (47%) and saving for retirement (43%).

The study also found that more than seven in 10 respondents (71%) hope to increase their confidence level in their finances with their resolutions.

Although nearly one-third (30%) of respondents said it is harder to keep a financial resolution over other popular resolutions, 60% said they had stuck with their past financial resolutions versus 51% who kept non-financial resolutions. Of the 31% who broke their financial resolution in past years, the average length of time they managed to stay with their resolution was a little more than three months (3.2 months).

However, the vast majority (88%) of those considering a financial resolution said they believe the economic events of the past year will give them impetus to stick with them in 2010.

TD AMERITRADE also recently announced that its annual New Year’s Resolution poll found 75% of respondents said at least one of their 2010 resolutions will be related to being a better saver/investor (see “Americans Vow to Improve Finances in 2010”).

Rebecca Moore