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Hispanic Americans, African-Americans, women and young people are vowing to save more in 2010, according to TD Ameritrade’s annual New Year’s Resolution survey.
The survey, which looks at the investment habits of various demographics, has found that 56% of Hispanics and African Americans are more likely to make a resolution about personal finances in 2010 than they were this year. By comparison, 32% of white Americans said they would make a similar resolution this year. In addition, 52% of young Americans (18 to 34) are more likely to make a resolution about personal finances—more than any other age group. The number of women planning on saving more money next year rose to 66% from 60% from last year’s survey. Overall, 75% of respondents said they will have at least one finance-related resolution for the New Year, compared to 71% last year.
Other findings from the survey: Overall, 27% of respondents resolve to start or build on retirement savings, such as 401(k) or IRA, compared to 21% in 2009. Another 22% of respondents plan to start or build an investment portfolio, such as stocks or mutual funds, compared to 13% in 2009. In addition, 38% of Hispanics plan to build an investment portfolio compared to 10% in the last survey and 43% of African-Americans resolved to build an investment portfolio in 2010, compared to 26% who said they would in 2009.
“Perhaps we’re seeing signs of the lessons learned from a struggling economy,” says Diane Young, director, retirement and goal planning, TD Ameritrade. “Investor confidence took a hit during the recession, but rather than feeling discouraged, people are using this as motivation to get on track and be better prepared for the future.”
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