Saving More a Top Priority for Americans in 2012

Cutting debt and saving more are top priorities for Americans in 2012.

Fifty-seven percent of Americans say they plan to reduce their debt in 2012 and 50% plan to save more, according to the New York Life Kitchen Table Pulse survey.  

The survey revealed Americans’ continued concerns around their financial future. In the year ahead, only 30% agree their family will be more financially secure and better prepared for the unexpected, and just 24% believe they will be in better financial shape for retirement. Despite these concerns, only 14% of Americans report they plan to seek professional help managing their finances in 2012.  

“Studies have shown that people who engage with a professional financial representative feel better about their financial strategies and future,” notes Mark Pfaff, executive vice president at New York Life.  

Other findings from the survey include: 

  • Those most likely to say they will reduce their debt in 2012 are ages 45 to 59 (65%), men (61%), married adults (61%) and full-time workers (60%). 
  • Adults ages 30 to 59 are more likely planning to save more next year than are those who are older (55% vs. 37%). 

Ipsos conducted the poll for New York Life November 10 to 14, 2011, among a national sample of 1,011 adults ages 30 and older from Ipsos’ U.S. online panel.