Diet, exercise more important than financial planning
December 8, 2014 by Ed Silverstein
Americans appear less concerned about personal finances – even those relating to their retirement – this coming year than they are about their personal figures (as in their bodies).
Some 40 percent of those taking part in an Allianz Life survey listed managing money better as the New Year’s resolution that they would most likely make and keep during 2015. But 42 percent said exercise and diet was the top resolution they would make and keep.
Spending more time with relatives and friends was listed by 32 percent of those taking the survey. And 49 percent said health/wellness was the most important focus for 2015.
When it comes to retirement savings, only 14 percent of those responding cited “increase my retirement savings” as a top thing to improve finances next year.
Compare this to the Bankrate.com survey earlier this year which showed 36 percent of Americans have nothing saved for their retirement years. It was the same percentage, 14 percent, of Americans who are 65 or older, who said they had no retirement savings, the Bankrate.com survey revealed.
When it comes to the more recent Allianz survey, financial stability was selected by 30 percent of the respondents as a top focus for 2015. On the other hand, financial planning was said to be a top focus for New Year’s resolutions by 33 percent of survey-takers in 2009. But just 15 percent selected it in 2014.
Yet, advice from financial professionals appears to be in demand. Some 23 percent of survey respondents said they are more likely to seek the advice of a financial professional in 2015, compared to just 19 percent in 2013.
It is noteworthy, too, that 36 percent of Americans chose “financial professional” as their top choice if they were given free access to a professional, compared to 28 percent selecting nutritionist/dietician, 23 percent selecting a personal trainer, and 13 percent selecting a career counselor.
Katie Libbe, vice president of Consumer Insights for Allianz Life, said the results reflect people’s increased “confidence” in their finances, given improvements in the U.S. economy, such as in the stronger stock market and lower unemployment rates.
The Allianz survey also found that stress is still a problem for many Americans. Four in ten of those questioned said they are “more stressed” compared to how they felt at the end of 2013, when 39 percent said their stress was “about the same.”
What’s noteworthy is that many of the factors contributing to stress relate to finances. Some 45 percent said “data breaches by big retailers that could trigger identity theft” was their first or second concern in 2014. Also, some 42 percent cited “stagnant wages that prevent me from getting ahead financially.” Moreover, 38 percent picked “market uncertainty so I cannot confidently grow my retirement savings.”
Asked to identify the one thing that would improve their finances next year, 19 percent said “pay off credit cards”; 17 percent said “build up my emergency savings”; and 14 percent said “increase my retirement savings.”
The sixth annual Allianz survey was conducted online via Ipsos with 1,004 respondents taking part.
