As the deadline looms for Americans to finalize their resolutions for 2013, financial planning is one focus that will not be appearing on a many lists.
In the New Year’s Resolution Survey from Allianz Life Insurance Company of North America (Allianz Life), 84 percent of respondents said financial planning will not be among their resolutions for the coming year. This is the highest percentage in the survey’s four-year history.
In spite of the domestic and global financial crisis currently underway, 32 percent of respondents believe they do not make enough money to “worry” about financial planning and 20 percent said they don’t have a financial professional to assist them—a 3 percent increase from 2011. However, 26 percent of respondents said they will not have a financial focus in 2013 because they feel they already “have a solid financial plan.”
As the percentage of Americans giving less focus to financial planning goes up, so is the percentage of respondents less likely to seek advice from a financial professional—36 percent in 2012 from 31 percent in 2011. Those more likely to seek advice remained the same at 20 percent from 2011.
“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.”
So, what are Americans’ priorities for 2013? Health/wellness was at the top of the list for the second straight year at 44 percent of respondents followed by financial stability (32 percent), employment (15 percent) and education (6 percent). Forty-four percent of Americans say they are likely to keep up a diet or exercise routine while only 41 percent said they were likely to continue to manage money better.
(Graphic: Allianz Life)