Early in New Year, a national poll found that 92 percent of respondents vow to pay off debts and save more money in 2014, but are unwilling to give up certain lifestyle items to reach their goal.
Boston, MA – January 8, 2014
Ninety-two percent of Americans made a New Year’s resolution to cut spending, save more money and pay off debts in 2014, according to a recent online poll conducted by American Consumer Credit Counseling. The survey also found that younger respondents were less likely to make the resolution – with 74 percent reporting that they plan to cut back expenses and put more into savings.
Of the 252 consumers surveyed in the recent ACCC web poll only 4 percent of respondents reported that they have no debt. When asked what they would be most willing to give up in order to save money and to pay off debt, 75 percent stated that they would eat at restaurants less frequently and 56 percent said that they would cut back on clothes shopping.
“Even as the economy begins to recover, cutting back on expenses and socking away money in an emergency fund should be a top priority for consumers in the New Year,” said Steven Trumble, President and CEO of American Consumer Credit Counseling. “National consumer debt has topped $2.8 trillion, making it all the more important for Americans to strive to pay off debts in 2014.”
On the other hand, ACCC’s national survey found that while it is unclear how many respondents use tobacco products, only 17 percent of respondents were likely to give up tobacco products, while only 20 percent were willing to forgo their gym membership to save more money. According to a study by Harris Interactive and Credit Karma, nearly three-quarters of Americans would rather maintain their current debt levels than gain 25 pounds and live debt free. Younger Americans aged 18 to 34 were the least likely to risk the extra pounds in order to cut spending with only 14 percent willing to end their gym membership.
“Although many Americans would sacrifice their financial health for their physical health, consumers can save money without forgoing their gym membership with careful budgeting and spending habits,” added Trumble. “Many health insurance companies also offer health benefits to their customers, which will reimburse you in part for a gym membership or for fitness classes.”
ACCC’s national survey also discovered a generational gap between Millennial’s and older Americans. According to the poll, 34 percent of Millennials were willing to give up their cable television, while 43 percent would spend less on alcohol. Opposed to 17 percent of respondents aged 55 and older were willing to cut back on alcohol and 18 percent would get rid of their cable television to put more money into savings and pay off debt.
This poll is the latest in a series of ACCC web surveys for 2013 that focus on a variety of financial education, budgeting, and planning topics. The online survey can be found at /monthly-poll.aspx
American Consumer Credit Counseling’s certified and experienced counselors offer various financial education, counseling and debt management services to help consumers achieve long-term financial health and stability.
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 non-profit 501(c)(3) organization dedicated to empowering consumers to achieve financial health through education, counseling, and debt management. ACCC provides individuals with practical solutions for solving financial problems and recognizes that consumers’ financial difficulties are often not the result of poor spending habits, but more frequently from extenuating circumstances beyond their control. As one of the nation’s leading providers of financial education and credit counseling services, ACCC works with consumers to help them with the best plan of action to reduce their debt and regain financial stability. ACCC is accredited by the Better Business Bureau and holds an A+ rating. It is also a member of the Association of Independent Consumer Credit Counseling Agencies. For more information or to access free financial education resources log on to ConsumerCredit.com or visit TalkingCentsBlog.com.