Financial Fitness Still Second String

The annual “New Year’s Resolutions Survey” from Allianz Life Insurance Company found financial planning is still missing from most Americans’ resolutions. Eighty-four percent of respondents claimed they are not including financial planning among their resolutions for 2013—the highest level in the survey’s history, up from 67% when the survey began in 2009.

The top reason for ignoring financial planning, oddly enough, was respondents’ belief that they do not make enough for it to be a concern, cited by 32%. Another 26% claimed they already have a strong financial plan.

Twenty percent of those surveyed said they are not adding financial planning to their resolutions because they do not have an adviser or financial professional to consult, but when asked how likely they are to seek advice from a financial professional in 2013, more than one-third (36%) responded “less likely.” Only 20% said they are “more likely,” while 44% noted they are “unsure.”

“It’s alarming that Americans’ willingness to ignore financial planning in their New Year’s Resolutions continues to go up year after year,” said Katie Libbe, vice president of Consumer Insights for Allianz Life. “With the responsibility for retirement security shifting from employers to individuals, people need to become more—not less—active with financial planning to ensure they have enough money to fund a retirement that could last up to 30 years.”

(Cont’d…)

Once again, the survey reports that health and wellness are the top focus for the upcoming year, with 44% listing that as their main concern in 2013. Another 44% named “exercise/diet” as the resolution they are most likely to keep.

Other top concerns for the new year are:

• financial stability, reported by 31% of survey respondents;
• employment (15%); and
• education (6%).

Forty-one percent said they expect to be better able to manage their money in the new year, and 26% hope to spend more time with their families and friends.

The “New Year’s Resolution Survey, December 2012” was conducted by Allianz Life Insurance Company of North America with 1,000 respondents.