The vast majority of Americans say their top New Year’s financial goal is to pay down debt, while they squirrel away gas savings.
Paying down debt ranks as the number one financial goal for consumers in 2015, according to a recent survey conducted by national financial education nonprofit American Consumer Credit Counseling. The number one goal of debt repayment is no surprise given that respondents identified relying too much on credit cards as their biggest financial regret over the past year.
The results of this survey come as, according to a recent survey by Fidelity, fewer consumers are setting financial goals for the New Year. The study found that just 31 percent of respondents said they were making a financial resolution, compared to 43 percent in 2014. However, the same study also found that money resolutions work since about half of those who made a money resolution last year said they are now “better off financially,” compared to just 38 percent of those who didn’t set one.
In comparison, Charles Schwab’s Fall Financial Pulse survey of 1,466 adults ages 25 to 65 found that more than half said they “don’t feel they are on top of their finances,” while 27 percent said they “don’t know where to start and need more education or information.” A total of 15 percent of respondents stated they didn’t want to deal with their finances because they consider them to be “too overwhelming.”
The latest ACCC online survey of over 150 participants found that, when compared to other financial goals, consumers are overwhelmingly focused on paying down debt, while only a small percentage are turning their attention to other goals such as building a personal savings or creating and sticking to a budget. Similarly, only 2 percent of respondents set a goal to either contribute or contribute more to their emergency fund or to save for a large purchase.
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions.
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