SPRINGFIELD, Mass., Nov. 15, 2018 — No matter their age – from 18 to 70+ – Americans say that paying their bills on time is the financial accomplishment they are most thankful for achieving this year according to a new nationwide consumer poll commissioned by Massachusetts Mutual Life Insurance Company (MassMutual) and conducted by PSB last week. A simple question posed of 1,002 Americans revealed the financial achievement Americans are most thankful for this year.
Other key findings are:
• Most cited putting money in a savings account and sticking to a budget as other leading financial accomplishments they are thankful for.
• Those in their late teens to late 30s are more likely to say contributing toward college savings is another financial accomplishment they are most thankful for this year.
• Notably, those in their 30s and 40s are more likely to feel that paying down major debt is another important financial achievement.
• Those in their 40s and older are more likely to say financial accomplishments such as retirement, contributing toward retirement savings, or contributing toward charitable organizations are other financial accomplishments they are thankful for this year.
• Gender does not appear to matter, as there is a relatively even split across the board.
“It is refreshing yet surprising to see that going back to the basics appears to be a trend that people are thankful for when it comes to their financial achievements,” said Mike Fanning, head of MassMutual U.S. “The fact that paying your bills on time topped the list is critically important as a history of making payments on time can have one of the biggest impacts on a credit score.”
In another survey of 500 young adults age 25-40 commissioned by MassMutual with PSB in May, only half (52 percent) knew this important information.
For those who may need a short road map to keep the momentum going into the new year, MassMutual offers these tips:
1. Pay your bills on time. When you can, pay more against the principal on those with the highest interest rates.
2. Pay yourself first. If you have the opportunity to make automatic deposits into savings accounts, do it.
3. Create and stick to a budget. If nothing else, get a handle on your income vs. expenses, no matter how old you are.
No matter your financial goal, MassMutual offers helpful information here.
A simple question posed in a consumer poll of 1,002 Americans age 18+ commissioned by MassMutual and fielded by PSB from November 7 to 8, 2018 asked respondents, “Which financial accomplishments are you most thankful for achieving this year?” Respondents were asked to select up to 3 from the following list of 10 options (plus ‘none of the above’) and response choices were rotated:
• Paying my bills on time
• Putting money in a savings account
• Sticking to a budget
• Knowing my credit score
• Paying down major debt, such as a credit card balance, student loan, vehicle loan or mortgage
• Contributing to charitable organizations that are important to me
• Contributing toward retirement savings
• Purchasing life insurance and/or disability income insurance
• Contributing toward college savings
• None of the above