|
Laxman Pai, Opalesque Asia: According to Fidelity Investments' 2020 New Year Financial Resolutions Study, 84% of individuals said they would prefer to reduce their debts than lower their computer or phone screen time.
Reducing debt emerged as a prominent focus throughout this year's study, with 38% of Americans saying their personal debt is a top concern heading into 2020.
When asked what motivates them to make financial resolutions, "living a debt-free life" is the biggest motivator (68%), followed by getting control of daily expenses (56%) and having a comfortable retirement (54%). This emphasis on debt reduction could have something to do with the fact that 28% say one of the biggest financial mistakes or setbacks they had this past year included taking on new debt or adding to existing debt.
82% of Americans say they are in a "similar or better" financial position this year than last and 78% predict they will be better off in 2020.
What's more, a growing number of Americans intend to continue to be mindful of their money going into the new year, with 67% considering a financial resolution related to saving, investing, managing debt and retirement planning. That's up from 61% who made a financial resolution for 2019.
The top three financial resolutions for 2020 are: saving more (53%); reducing the burden of personal debt (51%); and spending less (35%).
Interestingly, when asked if they had to choose between reaching a financial goal over...................... To view our full article Click here
|
RSS
