Polls / January 6, 2015

Will you have a New Year resolution about financial matters for 2015?

More than half of the respondents to the eZonomics online poll say they have a New Year resolution about financial matters for 2015, while 12.5% made a resolution but not about money. The remainder do not make New Year resolutions.

Take a moment to reflect
The dawning of the New Year is a time many people look back at the last year and make plans for the 12 months to come.
In reality, this can be done on any day – 11 June, 7 November to name two – but the starting of a new calendar year on 1 January acts as a nudge to encourage action.
Adding to the momentum can be questions and inspiration from friends and family, media stories about goals and advertising from firms trying to cash in.
But while good intentions are strong in the moment, the key lies in carrying through.

Will it get easier?
The ING International Survey Christmas and New Year 2015 special report shows just 54% of almost 13,000 people in 13 countries in Europe who had a New Year resolution about money last year kept it.
In the United States, a 2014 study showed 57% of people usually kept their resolutions (though the majority have “infrequent” success, meaning they do not always achieve their goals).
Cultivating new habits can take time, with some studies suggesting it can take several months. So if making changes is difficult to start – take solace that you are not alone in feeling the challenge.

Tips to help resolutions stick
eZonomics has five tips to have make resolutions stick, including breaking the goal into small steps and setting concrete terms (such as “earn EUR1,000 more this year”) rather than indefinite goals (“earn more”) that are difficult to measure.
Using the power of positive peer pressure by sharing details of the goal with family and friends is another idea.
As is having a reward in mind that will be bestowed once the resolution is completed. It can help to have something to look forward to.

This article is related to the ING International Survey:

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eZonomics team
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