Many Americans start the new year making promises, but these promises can be difficult to keep as the year progresses. In fact, some researchers have found that less than half of those who've made resolutions have been successful in keeping them after six months.
Still, we often begin the year with great intentions. Fidelity found that a record 54 percent of consumers made financial resolutions for 2014. More than half vowed to save more. Nearly 1 in 4 promised to pay off debt. Almost 1 in 5 pledged to spend less. Yet, most likely, few of them have a plan to reach these goals.
"People have these goals, these resolutions, but then they never put a plan in place and therefore they never take action. Therefore they never really reach these goals," said Los Angeles-based financial adviser Brittney Castro, CEO of Financial Wise Women and a member of the CNBC Financial Advisor Council.
Less than 1 out of 5 Americans — only 19 percent — has a comprehensive financial plan that goes beyond a simple household budget to cover things like retirement savings and emergency savings, according to a 2013 survey by the Consumer Federation of America and Certified Financial Planner Board of Standards.
Fewer than 2 out of 5 — 38 percent — have a basic plan for one or more specific savings goals, like retirement or a child's education, but they have no overall plan to put it all together. Read more >
January 15, 2014