January 21, 2016 – By Natalie Rutledge
There has been a substantial increase in the number of Americans making financial resolutions for 2016, according to the latest survey from American Consumer Credit Counseling.
More than 75% of consumers have made financial resolutions for this year, a significant jump from 53% in 2015. 95% of this year’s respondents who have financial resolutions said they have a specific plan in place to help them achieve their goals.
More than half of those surveyed said paying off debt is their top financial goal. 22% of consumers want to save more money this year, compared to 13% last year.
Nearly one-third (32%) of this year’s participants said debt was their biggest source of financial stress. Last year, 22% of respondents felt their biggest regret was relying too heavily on credit cards, and 13% said they regretted spending money frivolously.
ACCC only surveyed 146 people this year through an online poll, so the numbers may not be fully reflective of the American population. In December, Allianz Life Insurance Company polled slightly over 1,000 people and found only 29% of respondents had New Year’s resolutions related to financial stability. 44% of those participants had resolutions related to health and wellness, not their savings or debt.