Advisors hoping to engage participants in 2016 had better stake out a place at the gym, according to a new survey.
The 7th annual New Year’s Resolution Survey from Allianz Life Insurance Company of North America finds that nearly half (44%) of respondents reported their top focus for 2016 will be on health/wellness, well ahead of the 29% who cited financial stability as a goal, with career/employment (13%), education (9%) and entertainment/leisure (5%) lagging far behind.
‘Keep’ Sakes
That said, asked which New Year’s resolutions they were most likely to make and actually keep, health and finances ranked almost equally. Forty-three percent of those surveyed said they are most likely to make and keep their resolution of diet/exercise, while 41% resolve to manage money better. And yet nearly one in three respondents didn’t include financial planning in their resolutions because they “don’t make enough money to worry about it.”
On the other hand, if given free access to professional guidance, more respondents chose a financial professional (37%) than a nutritionist/dietician (28%) or a personal trainer (23%). In terms of taking action, respondents believe the top three things that could improve their finances in 2016 are building their savings for emergencies, paying off credit card debt and making a budget.
Geography Lessened?
Another survey found that the two least-popular 2016 New Year’s resolutions are those related to finance. “Save more, spend less” was a goal for only 30.1% of respondents to personal finance website GOBankingRates’ survey, with 27.5% citing “pay down debt” as a 2016 focus. In contrast, “enjoy life to the fullest” was the most popular New Year’s resolution, cited by 45.7%, just ahead of “live a healthier lifestyle,” which was chosen by 41.1%. “Lose weight” was nearly as popular (39.6%), and a third (33.2%) opted to “spend more time with family and friends.”
That survey also tracked the top New Year’s resolutions in each state, and found that only four states had financial resolutions as top picks, with only residents of Alabama, Arkansas and Wyoming making “save more, spend less” a top priority in 2016, while Hawaii is the only state that named “pay down debt” as a top resolution.
