ST. LOUIS, December 14, 2009: According to a recent survey from the financial services firm, Edward Jones, 33% of U.S. respondents chose 'increase savings' as their top financial resolution for 2010. This response topped the list for both men and women.

The second highest priority involved paying down debt (30%), followed by and putting more money into your child's or grandchild's education (13%).

Other responses included contributing more money to a 401(k) or IRA plan (9%), paying down mortgage faster (7%) and begin working with a financial advisor (3%).  Nearly twice as many men than women are planning to contribute more money to a retirement plan in 2010 (11% vs. 6%).

This study, involving 1,014 telephone interviews of U.S. adults conducted between the dates of December 3 and 6, was conducted by Opinion Research Corporation on behalf of Edward Jones. The margin of error was +/-3%.

Age played an influential factor in the results, as Americans between the ages of 18 and 34 and over the age of 65 are most concerned about increasing savings (37% and 38% respectively), while middle aged respondents place a higher priority on paying down debt (ranging from 31% to 37%).

Older Americans (aged 65 and over) are most concerned with providing educational funding for their offspring (16%) but less concerned with paying down debt than their younger counterparts (18% vs. 37%).

Survey participants in the South were more likely to chose 'increase savings' (37%), while the least likely to select, 'plan to contribute more money to their retirement plan' (7%).  Those living in the North Central region consider paying down debt a higher priority than putting money into their child's or grandchild's education (36% and 7% respectively).

Those with household income of less than $35,000 were most likely to choose increase savings as their top financial goal (39%), a priority for just 26% of households with an income between $75,000 - $100,000.  Those in the middle income range, with income less than $35,000 and more than $100,000, were evenly split (16%) when it comes to funding their child's education.

Respondents' ethnic background also played a part in determining resolutions for the coming year. Caucasians ranked 'increase savings' highest (31%) followed by paying down debt (29%).  Hispanics showed a greater disparity in opinion, with 39% hoping to increase savings over paying down debt (26%).  Caucasians were also more concerned with paying off their mortgage faster (10%) than both African Americans (3%) and Hispanics (4%).

The survey showed little difference in opinion based on education level, yet household size significantly shaped respondents' views on contributing to a child's education or retirement.  Thirty-five percent of respondents with three family members or more rate paying down debt a top priority, compared to respondents with only two family members (25%).


Source: Edward Jones