6th Annual Allianz Life New Year’s
While financial stability continues to be an important topic for New Year’s resolutions, it remains a lower priority for most Americans with only 30% of respondents choosing it as their top focus for 2015. This lower level of interest in finances is consistent with the decline in percentage of Americans who said they will include financial planning in their New Year’s resolutions for the upcoming year, down from a high of 33% in 2009 to only 15% in 2014.
“With a healthier U.S. economy, continued market strength and lower unemployment, people have forgotten the trauma they experienced in 2008-2009 and have more confidence in the state of their finances,” said
Growing Desire for Financial Help
One thing that has changed, however, is Americans’ interest in getting professional help with managing their finances. Nearly a quarter (23%) of respondents said they are more likely to seek the advice of a financial professional in 2015, up from 19% in 2013. More Americans (36%) also selected “financial professional” as their top choice if they had free access to assistance from a top professional, ahead of nutritionist/dietician (28%), personal trainer (23%) and career counselor (13%).
Anecdotally, this interest in getting more help may be related to the fact that Americans say they are feeling more stressed going into 2015. Four in ten respondents said they are “more stressed” compared to how they felt at the end of 2013 with a similar number (39%) noting their level of stress was “about the same.” Less than a quarter (21%) said they were “less stressed” than how they felt going into 2014.
Top Worries: Identity Theft, Terrorism and Wages
What are the top worries behind this stress? More than four in 10 (45%) identified “data breaches by big retailers that could trigger identity theft” as either their top or second ranked concern in 2014. This was followed by “ISIS and other terrorism threats that make me worry about safety and security” (43%) and “stagnant wages that prevent me from getting ahead financially” (42%). More than a third of respondents (38%) said that “market uncertainty so I cannot confidently grow my retirement savings” was among their top two concerns.
Haunted by Credit Card Debt
In terms of bad financial habits that are holding people back from achieving their financial goals, results were similar to previous years. Top responses this year included “not saving any money” (28%), “spending too much on things not needed” (27%) and “saving some money, but not as much as I could” (24%). When asked about the one thing they could do to improve their finances in 2015, most respondents said “pay off credit cards” (19%), followed by “build up my emergency savings” (17%) and “increase my retirement savings” (14%).
“Bad habits die hard,” said Libbe. “Although it’s not surprising to see that people still have issues with credit card debt, it is encouraging that there is some recognition about the importance of addressing retirement savings. The New Year is a great time to evaluate your financial plan – and whether people choose to go it alone or utilize guidance from a financial professional, any proactive step can help lessen financial stress.”
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