Finances Looking Up, and Saving is Trending for 2017 - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Finances Looking Up, and Saving is Trending for 2017

Finances Looking Up, and Saving is Trending for 2017

Finances Looking Up, and Saving is Trending for 2017
December
22
The content is accurate at the time of publication and is subject to change.

This the season for resolutions, which has lots of people looking back so they can move forward. Things are looking brighter for many, with 45% of people saying that they are better off financially this year than they were in 2105, according to the Fidelity Investments eighth annual New Year Financial Resolutions Study. And this is the highest level of financial enthusiasm cited since the study started.

What about next year? Here too there is an upswing, with 70% believing they will be doing better in 2017 than they are this year.

Optimism up, but concerns are still in play

Even though many are optimistic, they do have some concerns when it comes to money – and for the second year in a row “unexpected expenses” took the top spot when people were asked about their financial concerns for 2017, with worrying about the economy coming in a close second.

Of those who are fearful about the state of the economy, 42% indicated that political and global instability factored into those fears, with 29% believing it was a strong factor.

Saving is trending, but priorities shift

For people who have their sights set on saving in the new year, 62% want to put money away to meet their long term goals, while 32% are keeping their saving focused on the near future.

But when comparing this year’s proprieties to last years, things have changed for both short and long-term savers. When it comes to those focused on the future, 64% are looking to invest in an IRA or 401k to get set for retirement, up from last year when 53% said the same. A change of note is that just about half want to up their retirement savings by 1% or more in 2017 with 61% of millennials set to do the same.

On the other hand, for those who are looking to save for the short-term goals, 72% want to increase the amount they have in their emergency fund, up from 60% in 2015. In 2014 just 52% were looking to increase the amount they have on hand for an emergency.

For Fidelity all of this is a great sign. “This suggests people are focusing on the right things when it comes to saving,” said Ken Hevert, senior vice president of Retirement at Fidelity. “Whether it’s a new roof for your home or a medical emergency, the unexpected can throw your finances for a loop. In fact, for those whose resolutions fell short in 2016, almost three-quarters said they were derailed by unforeseen expenses. Setting aside an emergency fund can create a buffer against the unknown, protecting the funds you’ve saved for other priorities, such as retirement savings.”

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Time to Dress Up Your Finances?
Time to Dress Up Your Finances?

Posted: October 28, 2016

Halloween is nearly upon us, and in keeping with that theme, SunTrust Bank asked people what character best describes their financial state of mind. Continue reading
Greenhouse by Wells Fargo is coming
Greenhouse by Wells Fargo is coming

Posted: November 13, 2017

Greenhouse by Wells Fargo is a new app the bank is gearing up to launch next year, designed to boost a user’s level of financial health. The app is a combination of personal finance management tools and Wells Fargo banking capabilities.... Continue reading
Talking About Money Equals Happiness
Talking About Money Equals Happiness

Posted: September 23, 2016

Love and money are the two biggies in life and relationships, and now, according to a new study by TD Bank, couples who talk about money have a higher happiness factor than those that don't. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!