By: Daryl Tolliver
Individuals who faced financial difficulties in 2012 are not letting that hold them back from forward-thinking attitudes next year. In fact, many Americans say they are looking forward to making a fresh start next year and taking strides toward a healthier financial profile.
A new study conducted by CouponCabin finds that 52 percent of consumers are optimistic about their finances next year, compared with 48 percent of those who gave the same response last year. Many are also planning to take a proactive approach toward bettering themselves, with 39 percent asserting they will overhaul their finances next year.
For example, 37 percent of survey respondents will seek out products and services to help them save more and spend less. This includes discounts and sales, the study noted. As many consumers rely more heavily on their mobile devices to download coupons and other benefits, it's likely that the industry will see a spike in these items. This attitude may also represent good news for community banks and credit unions, which have already experienced a great deal of success with their reward checking programs and cash-back rewards. As more Americans seek value with their money, an even stronger push toward these programs is likely.
"Regardless of their financial situation, many people see the start of a new year as a chance to refocus and retool their finances," said Jackie Warrick, president at CouponCabin.com. "Our survey reveals more people are optimistic about what the coming year holds than they were last year, but it's not always an easy road. Tough financial challenges still exist for many Americans and will continue as the economy stabilizes."
Americans' financial plans involve protecting their assets
Financial institutions that offer retirement products, such as individual retirement accounts and certificates of deposit, may also see a spike in membership. According to the study, 18 percent of consumers want to focus more heavily on ensuring they are equipped to manage the financial challenges that may come with their golden years. Several studies have shown that many Americans are at risk of facing shortfalls during their post-working years, and it appears that many consumers are taking these possibilities into account.
Another 27 percent will prioritize an emergency savings fund in 2013 to protect their traditional savings and retirement accounts in the face of unexpected costs. In many cases, consumers with no cash cushion are forced to drain their accounts or turn to credit when a sudden repair or medical emergency occurs. To avoid suffering long-term financial effects of these unexpected costs, many say they will take strides to prepare and protect themselves.