After Americans finish their holiday meals next week and begin focusing on their New Year's resolutions, it appears they'll be more concerned about increasing the time they spend with their families and the dollars in their checkbooks than with the calories they've just consumed. A survey of more than 1,000 respondents conducted by Intuit Inc.'s (Nasdaq: INTU) Quicken® personal finance software, revealed that spending more time with family and getting personal finances in order are the top resolutions for 2004.
Family, Finances Finish First
Nearly 30 percent indicated that "spending more time with their family and loved ones" would be their No. 1 priority in 2004. Almost 70 percent of those surveyed ranked it among their top three most important resolutions. Other priorities, listed in declining order of average ranking, were "getting my personal finances in order" (61 percent selecting it as one of their top three resolutions), and "lose weight/get in shape" (58 percent), "find a better job" (41 percent), "give up a bad habit" (33 percent), and "get/continue an education" (24 percent).
Cutting Credit Card Debt is a Greater Priority Than Getting Back into the Stock Market
When asked specifically about their financial resolutions, much stronger opinions emerged. Nearly 60 percent indicated "shrinking their credit card debt" was their No. 1 financial resolution for the new year, three times more than the second-highest concern, "saving for retirement" (20 percent). "Saving for children's college" (12 percent) and "signing up for online bill payment" (five percent) were the next highest priorities. Apparently still hurting from the tumultuous market fluctuations of the last few years, only three percent of respondents chose "get back into the stock market" as their most important financial resolution for 2004.
"The survey shows that people understand the importance of paying down their high-interest debt before they truly begin to build a nest egg," said Baie Netzer, investments editor for Quicken. "Eliminating 15 percent to18 percent interest on your debt is like earning that same return on your money. More importantly, it gives you the peace of mind and confidence you need to start the new year on sound financial footing."
Manually Tracking Finances Leaves Some Feeling Overwhelmed
Seventy percent of respondents said they "sometimes" or "always" feel overwhelmed by their finances. There may be a strong correlation between their emotional state and the fact that despite the prevalence of home computers, 65 percent of respondents say they still use pencil and paper to manage their personal finances.
"The high number of people who feel financially overwhelmed points to the benefit of automating your personal finances," said Netzer. "Quicken became the No. 1 best-selling personal finance software of all time because it simplified personal finance in such a way that people could not imagine going back to the old way. Quicken can help save you time and stress in the coming year."
Quicken Personal Finance Check-Up Sweepstakes
To help people hone their resolutions for a more fiscally healthy 2004, Quicken and the Financial Planning Association (FPA™) have developed the Personal Finance Check-Up Sweepstakes. Simply by answering a few basic questions, Web site visitors will receive a comprehensive overview of their personal financial health and suggested financial resolutions for 2004 that fit their personal situation and knowledge.
"The survey showed that 81 percent of Americans fail to stick to their resolutions with the primary reason being that they have trouble tracking their progress and get discouraged when they don't see results right away," said David Yeske, CFP®, president of the Financial Planning Association. "It's easier to stick to your financial resolutions when you have realistic goals that reflect your circumstances and a system that lets you know if you're on track. FPA's financial planner members can help people set realistic goals and stay on track to meet those goals through comprehensive financial planning."
One randomly selected sweepstakes winner will receive $3,000 to help get a head start on paying down debt or starting a savings plan, a free one-hour, in-person consultation with a CERTIFIED FINANCIAL PLANNER™ professional who is a member of FPA, and a free copy of Quicken 2004 Premier software. Two first prize winners will receive $500, a free one-hour, in-person consultation with a CERTIFIED FINANCIAL PLANNER professional who is a member of FPA, and a free copy of Quicken 2004 Premier software. Three second prize winners will receive a free copy of Quicken 2004 Premier software. More information can be found at: http://www.quicken.com/resolutions.
