Poll: 2014 Kicks Off With Financial Literacy New Year’s Resolutions

by | 01/01/14 | Commentary, News, Uncategorized

The results of a national poll conducted by American Consumer Credit Counseling have the financial literacy community buzzing after more than 90% of respondents made New Year’s resolutions to save more money and pay off greater debt loads in 2014 than in prior years.  These results represent a bright spot in financial literacy circles given the continued focus on education surrounding the importance of expense reduction and money savings even as the domestic and international economies are recovering.

Financial literacy proponents report that the timing of this news could not be better.  While consumer debt in the U.S. has exceeded $2.8 trillion, many debt holders lack basic financial knowledge to be able to effectively manage their debt.  But with consumers kicking off the New Year with resolutions focused on improving their overall financial affairs, 2014 could be a very positive year for individuals and families in terms of enhancing their financial health.

Notwithstanding the data that is exciting financial education professionals, the research also included some cautionary points regarding the vigor with which Americans intend to pursue their financial-related New Year’s resolutions.  For example, a good portion of respondents reported that they would not be willing to forego certain luxuries and lifestyle choices in order to achieve their financial literacy objectives.  In addition, the research also demonstrated an age factor, with younger survey participants being less likely to commit to financial literacy resolutions for 2014.  Specifically, about twenty percent fewer young respondents indicated that they intend to reduce their expenses and boost their savings levels, as compared to their older counterparts.

This American Consumer Credit Counseling survey is just the latest of a number of polls taken by the organization to gauge the status of financial education in the U.S.  It also is reflective of the fast-growing trend towards greater measurement and evaluation of the effectiveness of programs and services that focus on financial capability and asset building both in the U.S. and throughout the world.  As this trend of more frequent and robust surveys expands going forward, the financial literacy industry will continue to benefit from the key learnings that result from this research.

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