Roughly a Third of Adults Over the Age of 30 Are Planning to Make a New Year's Resolution for 2017

Respondents Are Much More Likely to be Working Towards Longer Term Plans/ Goals, with Six in Ten Already Doing So, or Thinking About Getting Started in The Near Future

21 December 2016

Economy

New York, NY - According to a recent online study conducted by Ipsos on behalf of New York Life, more than a third (36%) of adults over the age of 30 say that they plan to make a resolution for 2017 - whether personal, financial, or otherwise. New Year's Resolutions are especially popular among those with children living at home (52%) and those with a college degree (42%).

Adults who say that they are going to make a resolution for 2017 are most likely to report striving to keep their resolution consistently throughout the year (48%), although just under a quarter think that their resolution will only last the first 6 months of 2017 or less (23%).

While the majority of women (56%), lower income earners (55%, under $50,000), and those with no children living at home (55%) report aiming to keep their resolution consistently throughout the year, greater proportions among men (29%), those with children (30%), and those with a college degree (27%) predict that their resolutions will not last longer than the first 6 months.

On the other hand, one in seven (14%) envision their resolution lasting anywhere from 1 to 5 years (14%), and 7% plan to keep it even longer (6+ years). Just under one in ten (8%) don't know/ aren't sure how long they will continue to keep their resolution as top of mind.

When it comes to tools/ strategies that can potentially help with keeping resolutions, tracking progress is top rated with nearly half (47%) believing that this can help people achieve their goals. Sizeable proportions also think that support from friends and family (42%) plays an important role, while keeping a journal (29%), using technology devices/ applications (27%), and seeking professional assistance (20%) are seen to help by at least one in five when it comes to keeping resolutions/ goals. Respondents are least likely to believe that peers on social media (11%) can help, while 3% mention something else. However, a quarter (25%) say that none of these are helpful when it comes to keeping resolutions/ goals, with the less affluent (31%, under $50,000), those with no children at home (31%), and those with no college degree (31%) especially likely to hold this opinion.

Interest in making longer term goals significantly outweighs interest in making New Year's resolutions, with nearly six in ten (57%) saying that they have long term goals/ plans that they are currently working towards, or that they want to begin working towards in the near future. Among those who are planning longer term goals, 80% envision a timeframe of 1 to 5 years when it comes to planning for these, including roughly a quarter who estimate working on these for about one (25%) or two (22%) years. Just over one in ten (13%) of those with long term financial/ personal goals in mind are planning to work towards these for 6 to 10 years, while fewer are currently working towards goals that could take 11 to 20 years (4%) or again more than 20 years (2%) to accomplish. Very few (2%) of those with long term goals in mind say that they don't know what type of timeframe they envision when planning these.

Higher income earners (60%), parents with children living at home (67%) and those with a college degree (66%) are among those most likely to report having/ considering long term plans/ goals.

Looking at the timeframe envisioned when planning these longer term goals, women, the less affluent, and those with no college degree are significantly more likely to report working towards these over the course of 1 to 5 years compared to their demographic counterparts, while men and those with a college level education are seen to be more likely to plan out goals that may take between 6 to 10 years to achieve.

Financial Expectations and Plans for 2017

Thinking ahead to the new year, two in five (43%) adults over the age of 30 expect their financial situation to improve over the course of 2017. Likewise, similar proportions also believe that they will be in better financial shape for retirement next year (41%) and that their family will be more financially secure and better prepared for the unexpected (46%). On the other hand, 38% of adults over the age of 30 envision their financial situation in 2017 as staying the same, while not quite one in five believe instead that their situation will worsen.

Those most likely to expect their financial situation to improve in 2017 include men (48% vs. 39%, women), the more affluent (46% vs. 39%, earning under $50,000), those with children living at home (55% vs. 37% no kids), and those with a college degree (48% vs. 40%, no degree).

Respondents from these demographic groups are also significantly more likely to believe they will be both in better financial shape for retirement, and that their families will be more financially secure over the course of 2017.

Two thirds further agree that they are planning to reduce debt (67%) in 2017, while another 61% also plan to save more. Respondents are mostly looking to do this on their own, with only a quarter (24%) saying that they plan to seek professional help in managing their finances (versus 54% who disagree).

On the other hand, roughly a third (34%) say that they plan to increase spending on important purchases such as home improvements, appliances, or professional wardrobe, while another three in ten (30%) plan to increase spending on "fun" purchases like dining out, vacations, movies, or sporting events.

Adults with children living at home are more likely than those with no kids to say that they plan to reduce debt and save more. However, a significantly greater proportion of parents also intend to increase spending when it comes to both important and fun purchases. The more affluent and those with a college degree mirror this pattern, with greater proportions saying that they plan to save more - despite greater proportions also saying that they intend to spend more.

While no differences emerge across gender when it comes to reducing debt and saving more, men are significantly more like than women to agree that they plan to increase spending on both important (40% vs. 29%, respectively) and fun (38% vs. 23%) purchases.

Additional information including findings and methodology is available for download on the right side of the page.

For more information on this news release please contact:

Chris Jackson Vice President Ipsos Public Affairs 202-420-2025 [email protected]

Marie-Pierre Lemay Account Manager Ipsos Public Affairs 613-793-1622 [email protected]

About Ipsos

Ipsos ranks third in the global research industry. With a strong presence in 87 countries, Ipsos employs more than 16,000 people and has the ability to conduct research programs in more than 100 countries. Founded in France in 1975, Ipsos is controlled and managed by research professionals. They have built a solid Group around a multi-specialist positioning - Media and advertising research; Marketing research; Client and employee relationship management; Opinion & social research; Mobile, Online, Offline data collection and delivery -. Ipsos has been listed on the Paris Stock Exchange since 1999.

GAME CHANGERS

At Ipsos we are passionately curious about people, markets, brands and society. We make our changing world easier and faster to navigate and inspire clients to make smarter decisions.

We deliver with security, speed, simplicity and substance. We are Game Changers. Ipsos is listed on Eurolist - NYSE-Euronext.

The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).

ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com

Download

Factum

More insights about Financial Services

Society