New Year's Resolutions Will Focus on Health Before Finances
Most Americans will put wellness above all other New Year’s resolutions, according to Allianz Life Insurance Company’s 7th Annual Survey. Almost half of the respondents (44%) resolve to focus on health and wellness in 2016. Other resolutions will include financial stability (29%), career/employment improvement (13%), education (9%) and entertainment/leisure (5%).
When they were asked which New Year’s resolutions they were most likely to keep, health and financial improvement ranked about the same. In fact 43% said they plan to keep their fitness goals, and 41% believe they will be able to manage their money better.
However, nearly one in three respondents said they were not including financial planning in their resolutions because they “don’t make enough money to worry about it.”
It seems likely that respondents will ask for help, though. Despite the focus being on wellness, Americans are more likely to get assistance with their financial situation than fitness. If respondents were given free professional guidance, 37% said they would speak with a financial professional, while only 28% said they would meet with a nutritionist/dietician. 23% said they would choose a personal trainer.
The action steps respondents plan to take to reach their financial goals include building an emergency savings fund, paying off debts from credit cards and creating a budget.
According to Allianz Life Vice President of Consumer Insights, Katie Libbe, Americans must identify what mistakes they are currently making to improve their financial outlook. Respondents admitted there are a number of bad financial habits they need to overcome, including:
- Spending too much money on things they don’t need (29%).
- Not saving as much as they could (28%).
- Not saving at all (26%).
- Spending more than they make (19%).
“Similar to wellness in general, financial health can be significantly improved by making small, consistent changes,” concluded Libbe. “Eliminating or reducing your bad financial habits is a great starting point and can deliver big dividends over the long haul.”