Few Plan to Seek Professional Help Managing Their Finances in 2012

Looking ahead to 2012, most U.S. 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%).

[Source:  Research conducted by Ipsos Public Affairs/​New York Life.  12 Jan. 2012.  Web.  13 Jan. 2012.]