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Consumers Look To Reduce Their Debt In 2011

Posted by Lisa Blackwell on December 17 2010 @ 12:05 pm

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Consumers, retirees, more optimistic about their financial future. As 2010 draws to a close, many are thinking about their finances for the new year more optimistically.

In a recent survey by Principal Financial Group, 40 percent of workers and 39 percent of retirees think the economy will improve next year.

As a result of this optimism, many are looking to improve their financial well-being over the next year, paying down debts and increasing their savings. The report found that 35 percent of workers and 17 percent of retirees say their primary financial goal is to pay down credit card debt in 2011.

"We are seeing some confidence return as Americans are starting to feel better about their finances and the economy, which is resulting in some positive behavior for long-term savings," said Luke Vandermillen, vice president of retirement and investor services at Principal Financial.

In addition, 30 percent of workers say they plan to add to their savings accounts on a monthly basis. By comparison, only 15 percent of retirees cited this as a goal.

If these predictions hold true, many Americans could make substantial cuts in their debt next year.

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