Data & Research November 19, 2009

Americans Vow to Improve Finances in 2010

With Hispanic and black Americans leading the way, surveyed consumers resolve to save and invest more in the New Year.

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A news release from TD AMERITRADE about its annual New Year’s Resolution poll said 75% of respondents promised that at least one of their 2010 resolutions will be related to being a better saver/investor. Overall, 27% of respondents resolve to start or build on retirement savings compared to 21% in 2009.

TD AMERITRADE said a total of 56% of Hispanics and blacks reported they are more likely to make a resolution about personal finances in 2010 than they were in 2009, compared to 32% of whites who said the same thing.

The survey also revealed an increase in the number of women who plan to save more money this year: 66%, up from 60% last year. Fifty-nine percent of male respondents said they plan to save more money, representing no change from last year.

Additionally, 52% of young Americans (ages 18 to 34) are likely to make a New Year’s resolution about personal finances in 2010—more than any other age group.

Better Financial Plan

TD AMERITRADE said many Americans insisted they have greater financial planning ambition for 2010.  Specifically, according to the survey results:

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  • 22% of respondents plan to start or build an investment portfolio, such as stocks or mutual funds, compared to 13% in 2009;
  • 38% of Hispanics resolved to start or build an investment portfolio, such as stocks or mutual funds in 2010, compared to 10% who resolved to do the same in 2009;
  • 43% of blacks resolved to start or build an investment portfolio, such as stocks or mutual funds in 2010, compared to 26% who resolved to do the same in 2009.

“Perhaps we’re seeing signs of the lessons learned from a struggling economy. Investor confidence took a hit during the recession, but rather than feeling discouraged, people are using this as motivation to get on track and be better prepared for the future,” said Diane Young, director, retirement and goal planning, TD AMERITRADE.

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