GOBankingRates

Biggest Financial Goals for 2014 (Poll Analysis)

With the new year fast approaching, many Americans are setting their resolutions and making financial plans for 2014. As a leading source for personal finance information, GoBankingRates.com polled more than 1,500 respondents on their biggest 2014 financial resolution. Below are the findings.

Click here for a detailed analysis from GoBankingRates’ Jennifer Calonia.

Poll Question and Responses:

With 2014 just around the corner, what is your biggest financial goal for the new year?

  • Save money (39.3%) – 586 Responses
  • Pay down debt (29.3%) – 434 Responses
  • Invest (12%) – 193 Responses
  • Get a raise (10.6%) – 161 Responses
  • Build emergency fund (8.7%) – 132 Responses

GoBankingRates.com Survey Finds Top Financial Resolutions for 2014

Gender

  • Female respondents were more likely to report “save money” (43.3%) than males (35.1%).
  • Female respondents were more likely to prioritize paying down debt (30.8%) than males (27.7%).
  •  More male respondents (17%) prioritized investing than females (7.3%).
  • More male respondents (12.2%) prioritized getting a raise than females (9.2%).
  • Gender did not play a huge role in responses for “build emergency fund,” with females prioritizing this goal slightly higher (9.4%) than men (8%).

Analysis: Females reported more conservatively than males, by prioritizing saving money and paying down debt. However, men appear to be slightly more aggressive when it comes to building their wealth, prioritizing investing and getting a raise. Building an emergency fund had the fewest responses and did not vary much by gender.

Age

  • 53.4% of 18-24 year olds reported saving money as a priority, followed by 42.1% of 25-34 year olds and 39.3% of 55-64 year olds.
  • 35.4% of 45-54 year olds reported paying down debt, followed by 33.7% of 55-64 year olds and 33% of 65+ year olds.
  • The demographic that prioritized investing the most was the 65+ age group (17%), followed by 35-44 year olds (14.3%) and 18-24 year olds (12.7%).
  • 13.6% of 45-54 year olds prioritized getting a raised, followed by 13.1% of 25-34 year olds and 10.3% of 18-24 year olds.
  • The 65+ age group reported the highest percentage of responses (11.1%) for “build emergency fund,” followed by 45-54 year olds (10.3%) and 55-64 year olds (10.2%).

Analysis: Younger respondents seemed to be more concerned about saving money, while older groups were more concerned about building an emergency fund and paying down debt.

Geography

  • 42.2% of respondents in the Northeast prioritized saving money, followed by those in the Midwest (40.7%) and the West (38.7%).
  • Southern respondents favored paying down debt (30.4%), followed by the respondents in the Northeast (30.3%) and the Midwest (28.2%).
  • Respondents in the West favored investing (14%), followed by Midwestern respondents (12.4%) and respondents in the South (11.4%).
  • Respondents in the South reported prioritizing getting a raise (11.8%), followed by Midwest respondents (10.3%) and respondents in the West (10%).
  • Respondents in the West prioritized building an emergency fund (9.3%), followed by Southern respondents (8.9%) and Midwestern respondents (8.4%).

Analysis: Region did not play a significant factor in the results.

Urban Density

  • Rural respondents prioritized saving money (43%), followed by urban respondents (39.9%) and suburban respondents (38%).
  • Rural respondents favored paying down debt (33.3%) more than suburban (28.3%) and urban respondents (26.8%).
  • Urban respondents prioritized investing (14.5%) more than suburban (12.9%) and rural respondents (8.6%).
  • Suburban respondents reported the most responses (11.9%) for “get a raise,” followed by urban (10.7%) and rural respondents (8.4%).
  • Suburban respondents reported the most responses (8.9%) for “build emergency fund,” followed by urban (8%) and rural respondents (6.8%).

Analysis: Rural respondents were more concerned with saving money and paying down debt compared to urban and suburban respondents. On the other hand, urban and suburban respondents had more interest in investing, getting a raise and building an emergency fund.

Income

  • 50% of respondents who make $100,000 to $149,000 prioritized saving money, followed by respondents who make $0 to $24,000 (42%) and $25,000 to $49,000 (39%).
  • Those making $100,000 to $149,000 prioritized paying down debt (31.8%), followed by those making $0 to $24,000 (31.6%) and $25,000 to $49,000 (30.2%).
  • Those making $75,000 to $99,000 prioritized investing (17.7%), followed by those making $50,000 to $74,000 (14.2%) and $25,000 to $49,000 (11.5%).
  • Those making upward of $150,000 prioritized getting a raise (66.7%), followed by those making $50,000 to $74,000 (11.5%) and $25,000 to $49,000 (10.5%).
  • Those making upward of $150,000 prioritized building an emergency fund (33.3%), followed by those making $50,000 to $74,000 (9.4%) and $25,000 to $49,000 (8.7%).

Analysis: The biggest financial goal for respondents in the highest income brackets ($150,000 and up) was to make more money, while the most common resolution for lower income brackets was saving more money, followed by paying down debt. Those with the highest incomes also were the most concerned with building an emergency fund.

For state-specific data, please reach out to Connie Lundegard at conniel@gobankingrates.com.

 

Share This Article

  • Bethanny A.

    It is amazing to me that the richest people (those making upwards of $150,000) have the strongest desire to make more money in 2014.