Americans plan to save, reduce debt in 2012

Feb 03, 2012

Americans plan to save in 2012.

Many Americans plan to reduce their debt and save more money this year, according to a survey from New York Life Insurance Company. About 57 percent said they wanted to reduce their debt and 50 percent plan to save more, something which the right kind of life insurance can help with.

The survey revealed that 30 percent of respondents believe their families will be more financially secure in the next year, and only 24 percent believe they will be in better financial shape for when they retire. These numbers should improve as people start to figure out better ways to save and invest their money.

New York Life's survey shows those most likely to reduce debt are between the ages of 45 and 59, men married adults and full-time workers. About 14 percent said they will seek professional help in 2012 to save money.

The Wall Street Journal said a financial adviser could be a good way to figure out if the life insurance policy used is working, as they have no monetary stake in the policy you are buying so they are likely to be more honest and less of a salesman.

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