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New Year resolutions more money focused

By Lydell C. Bridgeford
December 22, 2009

The recession may have forced more Americans to consider New Year resolutions on improving their personal finances, suggests a new survey by Fidelity Investments.

The financial services firm commissioned a telephone survey that represents a national sample of 1,008 U.S. adults ages 18 and older. The survey included 504 men and 504 women and was conducted in November 2009.

According to its findings, 43% of individuals said they are more likely to consider financial resolutions for 2010, while 55% of respondents between the ages 35 and 44 said the same. More women (48%), however, reported that they are likely to consider setting financial goals in 2010 than men (39%), Fidelity reports. About 71% of respondents hope to increase their confidence level in their finances with their resolutions.

“Americans are eager to feel better about their personal finances, and it’s driving them to ask themselves questions about how to set short- and long-term goals,” says Ken Hevert, vice president of Fidelity Investments. “As investors continue to ask these crucial questions, it’s important they seek trusted guidance and create an action plan,” he adds.

Other key highlights from the survey include:

  • 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%).
  • Although nearly one-third (30%) of Americans said it was 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). But 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.

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