Thursday, December 31, 2015

New Year's Resolutions

Are you planning to make a New Year’s resolution tonight? According to a study by Fidelity Investments, 37 percent of Americans are considering making a financial resolution in 2016, up from 31 percent in 2015. The kicker is that most of those who made such resolutions last year consider themselves to be in better financial shape today.

What do these resolutions consist of? By far the most popular was resolving to save more in the new year, which was cited by 54 percent of those surveyed. Another 19 percent vowed to spend less, and 16 percent said they wanted to pay off debt. Paying down credit card debt reached an all-time high of 11 percent in the annual study, compared with just 5 percent last year.

For those whose top priority was saving, 63 percent said they preferred to set aside money for long-term goals — such as college, retirement and health care — up from 57 percent in 2014. No matter your goals and plans, here’s hoping you have a happy and healthy new year.

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