Americans Will Focus on Health before Finances in the New Year
Diet/Exercise, Better Money Management Top the List of 2016 New
Year’s Resolutions
MINNEAPOLIS–(BUSINESS WIRE)–In 2016, other than faith and family, Americans have their sights set on
wellness above all else according to the 7th annual New
Year’s Resolution Survey* from Allianz Life Insurance Company of North
America (Allianz Life®). Almost half (44%) of respondents reported their
top focus for 2016 will be on health/wellness, with financial stability
trailing at 29% of those surveyed. These focus areas came ahead of
career/employment (13%), education (9%) and entertainment/leisure (5%).
Even though health/wellness topped the list of focus areas for
respondents, when asked which New Year’s resolutions they are most
likely to make and actually keep, health and finances ranked almost
equally. Forty-three percent of those surveyed said they are most likely
to make and keep their resolution of diet/exercise and 41% resolve to
manage money better. And yet, nearly one in three respondents didn’t
include financial planning in their resolutions because they “don’t make
enough money to worry about it.”
“Regardless of income level, it’s imperative that people build a
successful financial plan. Keep in mind that financial stability helps
improve wellness overall,” said Allianz Life Vice President of Consumer
Insights Katie Libbe. “We know from our research that financial health
weighs heavily on people’s minds – stagnant wages were a top concern and
one in three respondents reported they fear another major recession may
happen in 2016. By taking the appropriate actions to secure their
financial future, people can weather economic volatility and improve
other areas of their lives.”
Receptive to guidance
Aligning with their New Year’s resolutions, respondents are more open to
getting help with their financial decisions despite the fact that their
top focus is wellness. If given free access to professional guidance,
more respondents chose a financial professional (37%) than a
nutritionist/dietician (28%) or a personal trainer (23%). Additionally,
in terms of taking action, respondents believe the top three things that
could improve their finances in 2016 are building their savings for
emergencies, paying off credit card debt and making a budget.
Conquering bad financial habits
According to Libbe, improving finances often starts with identifying
what may be amiss in a person’s current financial reality. Respondents
in this year’s survey admit to having bad financial habits to overcome,
namely issues with saving and spending, including:
- Spending too much money on things “I don’t need” (29%)
- Saving some money, “but not as much as I could” (28%)
- Not saving any money (26%) and
- Spending “more than I make” (19%)
“Similar to wellness in general, financial health can be significantly
improved by making small, consistent changes,” concluded Libbe.
“Eliminating or reducing your bad financial habits is a great starting
point and can deliver big dividends over the long haul.”
About Allianz Life
Allianz
Life Insurance Company of North America, one of FORTUNE’s 100 Best
Companies to Work For in 2015, has been keeping its promises since 1896.
Today, it carries on that tradition, helping Americans achieve their
retirement income and protection goals with a variety of annuities and
life insurance products. As a leading provider of fixed index annuities,
Allianz Life is part of Allianz SE, a global leader in the financial
services industry with 147,000 employees worldwide. More than 85 million
private and corporate customers rely on Allianz knowledge, global reach,
and capital strength to help them make the most of financial
opportunities.
*Allianz Life Insurance Company of North America conducted an eNation
online survey, the Allianz Life New Year’s Resolution Survey, November
2015, through Ipsos with 1,006 respondents.
Contacts
Allianz Life Insurance Company of North America
Sara Thurin
Rollin, 763-765-6703
sarathurin.rollin@allianzlife.com
