Getting the right financial strategy locked down can be an important resolution for many Americans. This may be on the minds of a number of individuals this year, as their finances may need a little tune-up going forward.
More than 39 percent of individuals noted that their most important financial goal is to save money in 2014, according to a report from GoBankingRates.com. The second-most common answer was to cut down debt levels, which was reported by 29.3 percent of those surveyed.
Investment is on the minds of a number of Americans, with approximately 12 percent prioritizing this over all other financial decisions, the report explained. Men were more than double as likely to invest compared to women.
“Considering the typical debt hangover Americans experience post-holidays, it makes sense that ‘saving money’ and ‘paying down debt’ are popular resolutions this year,” said Jennifer Calonia, editor for GoBankingRates.com.
Getting more pay was a must for 10.6 percent of respondents. Just 8.7 percent noted the importance of getting an emergency fund, according to the report. When breaking the figure up by earnings, there were some different stories. One-third of those making more than $150,000 wanted to make an emergency savings fund over all else, while just 9.4 percent of those earning $50,000 to $74,000 said the same thing. This declined further for those making $25,000 to $49,000, as only 8.7 percent reported this priority.
Americans feel better about finances
While there may still be some concerns about money management, many individuals are feeling a bit better about their situation.
Close to 90 percent of Americans explained they feel good about their financial knowledge, according to a report completed jointly between Allstate and the National Journal. Another 75 percent noted that they have the information necessary to help them plan out their retirement, while 77 percent said the same about acquiring a home.
“Despite the headwinds we continue to face, the resilience of the American people is alive and well,” said Sanjay Gupta, executive vice president of marketing, innovation and corporate relations for Allstate. “It is this American trait and tradition of individual responsibility – more specifically, the ability to control one’s financial decisions and destiny – that makes this country unique and continues to be the foundation of our culture, political, and financial system.”