Good Intentions or Real Resolutions? Poll Indicates Consumers Will Save More in 2010
Foster City, CA (PRWEB) January 19, 2010 -- The vast majority of respondents to an informal poll conducted jointly by financial education Web sites Money-Rates.com and GetRichSlowly.org indicated that they plan to save more in 2010 than they did last year. Of the 2,164 respondents, just over 76 percent anticipate saving more, while only 8 percent expect to save less and 16 percent expect to save about the same amount.
The tough 2009 economy did kick off one healthy trend: Americans cut spending and cranked up their savings rates. But for most people, saving doesn't come easily or naturally, and good intentions set for the new year quickly fade. Researchers at Rutgers University found that top obstacles to saving were credit and debit cards, children's expenses, insufficient income, unexpected expenses and emergencies, personal attitudes, knowledge and behavior, fear of change, decision overload and lack of time--both to manage money and time left to save. On the other hand, a recent study at Dartmouth College found that education and financial advice in non-threatening venues substantially increased participation in savings plans.
For those who want to overcome obstacles to saving and start putting away more for emergency funds, retirement or college, personal finance resources such as Money-Rates.com and GetRichSlowly.org offer a wealth of consumer information. Money-Rates.com visitors can find the entire poll results as well as in-depth analysis by expert columnist and savings advocate Richard Barrington. Barrington's poll commentary (available at http://www.money-rates.com/news/Boosting_Savings_Rates_From_Good_Intentions_to_Good_Results.htm) introduces a yearlong series of "monthly resolutions" to help readers keep their savings on track. The idea, according to Barrington, is to make building up personal savings rates a continuing effort rather than a New Year's resolution that will soon fade.
J.D. Roth, editor of GetRichSlowly.org, agreed that saving must be an ongoing effort. "The number one thing you can do to boost your quality of life in retirement is to start saving today. And if you're already saving, save more," he said. "Too many people worry about what they're investing in, but what matters most isn't where they invest but how much they invest."
Visitors to both MoneyRates.com and GetRichSlowly.org can access educational articles and interest rate reports to help them with setting and achieving their financial goals.
MoneyRates.com has been a leading source of information on bank rates, personal finance, savings accounts and investing since 1999. The site provides the highest rates on certificates of deposits, money market accounts and high-yield savings accounts.
GetRichSlowly.org--recently named most inspiring money blog by Money magazine--is devoted to sensible personal finance. Since 2006, founder J.D. Roth has been sharing with thousands of daily readers what he has learned about debt elimination, saving money and practical investing.
Richard Barrington and J.D. Roth are available for interviews on this topic and other topics relating to personal saving and investing. To interview Richard or J.D., please contact: