Majority of consumers believe it will take more than a year to achieve their financial goals.
Boston, MA – February 15, 2017
More than 90 percent of consumers say they have a financial goal for 2017, according to a recent survey by national non-profit American Consumer Credit Counseling. More than two thirds of respondents (71 percent) say they have a plan to achieve their financial goal.
“It is essential that consumers set realistic and achievable financial goals for the New Year,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “Consumers face a variety of financial challenges, from credit card debt and increasing expenses to student loan debt and stagnating wages. The key is to understand your financial challenges. If consumers set a goal and put a plan in place to achieve that goal, then they have the best chance of achieving a healthy financial lifestyle.”
According to the survey, the number one financial goal for consumers this year is paying off debt (78 percent) followed by starting/increasing retirement savings (6 percent), buying a home (3 percent) and buying a car (2 percent). More than half of the respondents (53 percent) believe it will take more than a year to complete their financial goal and only 23 percent say it will take them a year.
According to the Fidelity’s 2017 New Year Financial Resolutions Study, the top three financial resolutions among Americans include saving more (50 percent), paying down/paying off debt (28 percent) and spending less (16 percent). Among those who made a financial resolution in 2016, the majority (82 percent) consider it an ongoing resolution while 15 percent said it was a one-time event.
The online poll of 184 consumers was conducted by American Consumer Credit Counseling on the organization’s website, www.consumercredit.com. You can view an infographic illustrating the poll results here: https://www.consumercredit.com/wp-content/uploads/2020/05/fingoal2017_infographpdf.pdf
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 https://www.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 through credit counseling, debt counseling, bankruptcy counseling, housing counseling, student loan counseling and financial education. 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 consumer debt 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 https://www.consumercredit.com/debt-help/.