More American Consumers Are Making Financial Resolutions in 2016
(Boston, MA) – January 15, 2016 – The vast majority of budget-conscious American consumers feel they need to make a financial resolution for 2016, according to a recent survey by American Consumer Credit Counseling.
Seventy-five percent of respondents say they plan to make a financial resolution in 2016, while only 53 percent made one in 2015. Of the respondents that plan to make a financial resolution in 2016, more than 95 percent say they will make a specific plan to achieve their resolution throughout the year.
More than 50 percent of consumers say their main financial resolution will be to pay off debt, while almost 22 percent say they would like to save more in the upcoming year. In order to achieve these financial resolutions, over 50 percent of respondents are willing to commit 25 dollars or more weekly.
“There are a variety of reasons for the increase in financial resolutions, including challenges consumers face when it comes to debt and a lack of adequate savings,” said Steve Trumble, President and CEO or American Consumer Credit Counseling, which is based in Newton, MA. “The good news is that more and more consumers are considering financial resolutions and, of those people, more are able and willing to create a plan to achieve their goals.”
Thirty-two percent of respondents surveyed admit that debt was the most stressful aspect of their finances in 2015, while 26 percent say it was unexpected or emergency expenses. Fifteen percent of consumers polled say not enough savings was their biggest stressor, and another 14 percent report that managing daily expenses was the most stressful.
According to the survey, the most common motivator to maintain a financial resolution is quality of life (47 percent). Consumers responding to the online poll also say that children and family (20 percent) is a key motivator in maintaining their financial resolution.
The online poll of 146 participants was conducted at consumercredit.com by American Consumer Credit Counseling – a non-profit that helps consumers with budgeting, financial education and debt management.
You can view an infographic illustrating the poll results here: http://www.consumercredit.com/financial-education/infographics/infographic-financial-new-year-s-resolutions.aspx
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at ConsumerCredit.com
About American Consumer Credit Counseling
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. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday personal finance issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit TalkingCentsBlog.com.