Paying Down Debt Top Financial Goal for 2015
According to a new poll from American Consumer Credit Counseling, 71% of Americans say paying down debt is their top financial goal for 2015.
Debt payment goals far surpassed other financial New Year’s resolutions, including building a savings account at 13%, creating a budget at 5%, and reducing spending or contributing to retirement at 3% each. The other goals mentioned by respondents were making an emergency fund and saving for large purchases, each at 2%.
The goal to pay down debt may be a result of how Americans feel about their finances from last year. 22% said their biggest regret was relying too much on credit cards, 19% said they failed to follow a budget, 13% had frivolous spending, and an additional 11% regretted not paying down debt in 2014. Only 11% of respondents said they had no financial regrets whatsoever.
Fewer Americans are setting financial goals for this year than they did last year, according to a poll by Fidelity. Only 31% of Americans have financial resolutions for 2015, compared to 43% in 2014. Roughly half of individuals who said they made money goals last year said they felt better off this year, but 38% of people said they did not reach their goals.