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2012 resolutions? Survey says saving tops the list.

  • Blog Post by: Kara McGuire
  • December 7, 2011 - 8:43 AM

I'm not even thinking about New Year's resolutions yet - I have to get through the holiday spending and charitable giving rush first.

But an annual survey released Wednesday by Fidelity Investments found that 46 percent of Americans planning a money-related resolution plans to try and save more in 2012. The annual savings target of this group doubled, from a median of $1,200 in 2011 to $2,400 in 2012. The survey does not ask how many people managed to keep this resolution last year.

The next popular financial-related resolutions are spending less (21%) and paying off debt (19%). Last year, debt was the 7th most popular resolution. I attribute a renewed focus on debt payoff to economic uncertainty and a volatile stock market. Debt payoff is a surefire way to better a balance sheet.

The survey also assessed respondents' feelings about the health of the economy. A whopping 84 percent said the economy is already in or close to another recession.

The silver lining? About the same number or respondents said the prolonged economic downturn has helped cement new savings habits, which they expect to keep even when the economy recovers.

Two-thirds of respondents said economic events will help them stick with their money-related financial resolutions.

 

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