By: Daryl Tolliver
New Year's resolutions revolving around financial issues are not uncommon, and have unsurprisingly become more prevalent in the wake of the recession. However, few consumers are focusing on building significant wealth through investments and real estate. Instead, many are concerned about protecting their existing assets and taking a more measured approach toward wealth accumulation.
A new study conducted by The Street and Gfk found that building or enhancing an emergency savings fund is the top priority of most Americans in 2013. One in five consumers who were surveyed gave this response.
In recent years, many Americans have come to understand the importance of a rainy day fund to cover them when unexpected expenses arise. Job loss, natural disasters, medical emergencies and repair bills can be financially disastrous for consumers who have little money in the bank. Even for those who are not living paycheck-to-paycheck, lacking a fund geared specifically toward unexpected costs can force them to drain their hard-earned savings or dip into their retirement funds or credit accounts.
"Having endured the worst financial crisis in memory, people are inclined to change their behaviors to offset the odds that they will have to face that hardship again," said Harrison Lazarus, a financial consultant and founder of Harrison Lazarus Advisors.
Americans explain their top financial goals for this year
While building up an emergency fund was a common answer, others expressed additional financial goals they hope to accomplish this year. Traditional savings was also high on the list. When asked what they would do if they won $1 million in the lottery, 61 percent said they would save three-quarters or more of the winnings, while 18 percent said they would save the full amount.
In addition, the study found that consumers plan to be more conservative with how they build their wealth. Of those who said they would save their lottery winnings, 56 percent would put their funds in a traditional savings account, rather than an investment fund. Forty-four percent said they would put the money in a retirement account, and 41 percent would invest in real estate.
As consumers plan to be more conservative with their finances, smaller banks that offer opportunities for further savings and value - such as through reward programs - may obtain a greater market share.