Are you planning to focus more on your waistline or your finances in the new year?
A survey by Allianz Life found that while 49 percent of Americans said they were more likely to make and keep a New Year's resolution tied to diet and exercise, only 43 percent said they'll keep one that leads to better money management. Eighty percent said financial resolutions are not on their list at all for the new year.
The results could be attributed to where Americans feel they have control over their lives. The majority of respondents (35 percent) said they don't think they earn enough to worry about financial planning. Twenty-three percent said they already have a financial plan, and 17 percent said the reason they won't focus on financial planning is because they lack professional advice.
The survey also presented five economic roadblocks and asked respondents to judge the ones that were the most worrisome in 2011. Nearly half (48 percent) said unemployment, followed by the U.S. budget fiasco (23 percent), home prices/sales (15 percent), volatile stock market (10 percent) and the European debt crisis (5 percent).
Since the economy began its slide in 2008, many Americans were forced to go into basic survival mode financially. But while health is important, finances shouldn't be put on the back burner. The recession hurt everyone, including the wealthy, but those who went into it with a solid financial plan that focused on saving and investing have come out of it poised to continue on the path to wealth. It's never too late to begin putting a plan in place.
Do your New Year's resolutions include a review of your financial plan?
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