Among top New Year’s resolutions for 2012? Save more and spend less, Boston’s Fidelity Investments says
With the US economy remaining sluggish, the top two financial New Year’s resolutions are again likely to be: Save more and spend less, according to a new survey commissioned by Fidelity Investments.
Many US consumers are vowing to double their annual savings goal, with a median target of $2,400 for 2012 versus this year’s goal of $1,200, said Fidelity, a Boston-based financial services company whose offerings include consumer savings and investment products.
Nearly half of the respondents in the Fidelity poll --- or 46 percent --- said that saving more is their top priority.
Fidelity commissions an annual poll on consumers’ financial goals, and for the third straight year, the top two financial resolutions are saving more and spending less. Paying off debt jumped to the third spot on this New Year’s list; it was the seventh most popular resolution on the previous list.
Results of this latest study were based on a telephone survey conducted during mid November among a national probability sample of 1,011 American adults, Fidelity said in a press release.
According to the survey, 84 percent of respondents said that the economy is already in or likely to suffer a double-dip recession. In tough times such as these, financial advice such as that which Fidelity provides is especially important, the firm contends.
“The results of this survey indicate that many Americans are continuing to put their financial houses back in order,” Ken Hevert, vice president of Fidelity Investments, said in a statement.
“In these uncertain economic times, Fidelity can help investors focus on financial aspects of their lives that they can control - like creating long- and short-term saving plans, building an emergency fund, and developing a budget to determine areas where spending can be reduced,” Hevert also said.
Chris Reidy can be reached at reidy@globe.com.- By Email Business Updates newsletter
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