Majorities Plan on Reducing Debt and Saving More in 2012

Few Plan to Seek Professional Help Managing Their Finances in the Coming Year

12 January 2012

Economy

New York, NY - Looking ahead to 2012, most US adults expect to reduce their debt and save more in 2012, according to a new survey of over 1,000 adults aged 30 and older conducted by Ipsos Public Affairs on behalf of New York Life.

Six in ten (57%) expect to reduce their debt next year, including a quarter (26%) who strongly feel this way. At the same time, 10% do not plan to do so. Those most likely to say that they will reduce their debt in 2012 include those aged 45-59 (65%), men (61%), married adults (61%), and full-time workers (60%).

Similarly, half of adults aged 30 and older (50%) agree that they will save more in 2012, though 19% disagree. Adults ages 30-59 are more likely to intend to save more next year than are those who are older (55% vs. 37%). Intentions also vary by region, with those in the Northeast (42%) being less likely to plan on saving more next year than are residents of the West (55%) and Midwest (54%).

While a majority of adults plan on reducing debt and saving more next year, fewer believe that they will be in better financial shape for retirement; just a quarter (24%) agree while 37% disagree. Adults ages 30-44 (30%), those with a household income of $50,000 or more (30%), full-time employees (30%), parents (29%), and college grads (29%) are more likely than others to have a positive view about their preparedness for retirement in 2012.

Just one in seven adults (14%) agrees that they will seek professional help managing their finances in 2012, while the majority (57%) disagrees. Those most likely to say that they will seek the help of a financial professional include parents (19%), college graduates (18%), those ages 30-44 (18%), and those with a household income of $50,000 or more (17%).

In contrast, those who are least likely to plan on seeking professional advice about their finances include adults with a household income of less than $50,000 (10%), those ages 45-59 (11%), those without a college degree (11%), and adults without a child under the age of 18 (12%).

These are some of the findings of an Ipsos poll conducted November 10-14, 2011. For the survey, a national sample of 1,011 adults aged 30 and older from Ipsos' U.S. online panel were interviewed online. Weighting was then employed to balance demographics and ensure that the sample's composition reflects that of the U.S. adult population according to Census data and to provide results intended to approximate the sample universe. A survey with an unweighted probability sample of 1,011 and a 100% response rate would have an estimated margin of error of +/- 3.1 percentage points 19 times out of 20 of what the results would have been had the entire adult population of adults aged 30 and older in the United States had been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

For more information please contact: Rebecca Sizelove Senior Research Manager Ipsos Public Affairs New York, NY 212-584-9253 [email protected]

About Ipsos Public Affairs

Ipsos Public Affairs is a non-partisan, objective, survey-based research practice made up of seasoned professionals. We conduct strategic research initiatives for a diverse number of American and international organizations, based not only on public opinion research, but elite stakeholder, corporate, and media opinion research.

Ipsos has media partnerships with the most prestigious news organizations around the world. In the U.S., UK and internationally, Ipsos Public Affairs is the media polling supplier to Reuters News, the world's leading source of intelligent information for businesses and professionals, and the Hispanic polling partner of Telemundo Communications Group, a division of NBC Universal providing Spanish-language content to U.S. Hispanics and audiences around the world.

Ipsos Public Affairs is a member of the Ipsos Group, a leading global survey-based market research company. We provide boutique-style customer service and work closely with our clients, while also undertaking global research.

To learn more visit: www.ipsos-na.com

About Ipsos

Ipsos is a leading global survey-based market research company, owned and managed by research professionals that helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world. Member companies assess market potential and interpret market trends to develop and test emergent or existing products or services, and build brands. They also test advertising and study audience responses to various media, and measure public opinion around the globe.

They help clients create long-term relationships with their customers, stakeholders or other constituencies. Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting and offers a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2010, Ipsos generated global revenues of e1.140 billion ($1.6 billion U.S.).